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Common use of Discretionary Account Clause in Contracts

Discretionary Account. (a) If your account is managed on a discretionary basis by an investment advisor, money manager, or other person (“advisor”), you hereby acknowledge that your Prime Brokerage Transactions may be commingled with those of other accounts of your advisor (“sub- accounts”), according to your advisor’s instructions, for clearance by Pershing in a single bulk trade and for settlement in bulk with your Prime Broker. You further acknowledge that in the event the Prime Broker indicates its intention not to settle or does not settle such bulk trade because of one or more sub-accounts receiving an allocation, the Executing Broker will either cancel and rebill the bulk trade to reflect the reduction of the securities which were originally allocated to the objectionable sub-accounts or, if permissible, execute a corrected allocation of the Prime Brokerage Transaction to sub-accounts in accordance with your advisor’s instructions. To facilitate such allocation, the Executing Broker may open and carry an account in your name on Xxxxxxxx’x books and you shall be solely responsible and liable to the Executing Broker for settling such transaction directly with Pershing. You acknowledge that your advisor may resubmit the bulk trade and execute a corrected allocation of the Prime Brokerage Transaction. (b) If you are executing this Agreement on behalf of a customer whose account is managed by you, you hereby represent and covenant to the Executing Broker that: (i) each time you execute an order on behalf of such customer, such customer is in compliance with the Minimum Net Equity requirement or you shall notify the Executing Broker otherwise; (ii) you shall not enter an order for such customer in the event such customer falls below the Minimum Net Equity requirement; (iii) you will provide the Executing Broker with such information as is necessary to enable the Executing Broker to open and maintain an account for the benefit of such customer by completing the schedule attached hereto; (iv) you have sufficient knowledge of such customer to make the representation set forth in Paragraph 19 of this Agreement; and (v) you have been duly authorized by the customer to execute this Agreement, to bind such customer to arbitration, to enter orders to effect Prime Brokerage Transactions, to execute a directive to the Executing Broker regarding the mailing of confirmations, to disclose such financial information as the Executing Broker or Pershing deems necessary to effect such transactions, and to take such other actions as are contemplated by this Agreement.

Appears in 1 contract

Samples: Prime Brokerage Agreement

Discretionary Account. (a) a. If your account is managed on a discretionary basis by an investment advisor, money manager, manager or other person (“advisor”"Advisor"), you hereby acknowledge that your Prime Brokerage Transactions may be commingled with those of other accounts of your advisor (“sub- "sub-accounts"), according to your advisor’s 's instructions, for clearance by Pershing the Clearing Broker in a single bulk trade and for settlement in bulk with your Prime Broker. You further acknowledge that in the event the Prime Broker indicates its intention not to settle or does not settle such bulk trade because of one or more sub-accounts receiving an allocation, the Executing Broker Clearing broker will either cancel and rebill the bulk trade to reflect the reduction of the securities which were originally allocated to the objectionable sub-accounts or, if permissible, execute a corrected allocation of the Prime Brokerage Transaction to sub-accounts in accordance with your advisor’s 's instructions. To facilitate such allocation, the Executing Clearing Broker may open and carry an account in your name on Xxxxxxxx’x its books and you shall be solely responsible and liable to the Executing Clearing Broker for settling such transaction directly with Pershingthe Clearing Broker. You acknowledge that your advisor Advisor may resubmit the bulk trade and execute a corrected allocation of the Prime Brokerage Transaction. (b) b. If you are executing this Agreement on behalf of a customer whose account is managed by you, you hereby represent and covenant to the Executing Clearing Broker that: (i) each time you execute an order on behalf of such customer, such customer is in compliance with the Minimum Net Equity requirement or you shall notify the Executing Clearing Broker otherwise; (ii) you shall not enter an order for such customer in the event such customer falls below the Minimum Net Equity requirement; (iii) you will provide the Executing Clearing Broker with such information as is necessary to enable the Executing Clearing Broker to open and maintain an account for the benefit of such customer by completing the schedule attached hereto; (iv) you have sufficient knowledge of such customer to make the representation set forth in Paragraph 19 of this Agreement; Agreement and (v) you have been duly authorized by the customer to execute this Agreement, Agreement to bind such customer to arbitration, to enter orders to effect Prime Brokerage TransactionsTrnasactions, to execute a directive to the Executing Clearing Broker regarding the mailing of confirmations, ; to disclose such financial information as the Executing Clearing Broker or Pershing deems necessary to effect such transactions, transactions and to take such other actions as are contemplated by this Agreement.

Appears in 1 contract

Samples: Executing Broker Agreement

Discretionary Account. (a) If your account is managed on a discretionary basis by an investment advisor, money manager, manager or other person (“advisor”), you hereby acknowledge that your Prime Brokerage Transactions may be commingled with those of other accounts of your advisor (“sub- accounts”), according to your advisor’s instructions, for clearance by Pershing Xxxxxxxx in a single bulk trade and for settlement in bulk with your Prime Broker. You further acknowledge that in the event the Prime Broker indicates its intention not to settle or does not settle such bulk trade because of one or more sub-accounts receiving an allocation, the Executing Broker will either cancel and rebill the bulk trade to reflect the reduction of the securities which were originally allocated to the objectionable sub-accounts or, if permissible, execute a corrected allocation of the Prime Brokerage Transaction to sub-accounts in accordance with your advisor’s instructions. To facilitate such allocation, the Executing Broker may open and carry an account in your name on Xxxxxxxx’x books and you shall be solely responsible and liable to the Executing Broker for settling such transaction directly with Pershing. You acknowledge that your advisor may resubmit the bulk trade and execute a corrected allocation of the Prime Brokerage Transaction. (b) If you are executing this Agreement on behalf of a customer whose account is managed by you, you hereby represent and covenant to the Executing Broker that: (i) each time you execute an order on behalf of such customer, such customer is in compliance with the Minimum Net Equity requirement or you shall notify the Executing Broker otherwise; (ii) you shall not enter an order for such customer in the event such customer falls below the Minimum Net Equity requirement; ; (iii) you will provide the Executing Broker with such information as is necessary to enable the Executing Broker to open and maintain an account for the benefit of such customer by completing the schedule attached hereto; (iv) you have sufficient knowledge of such customer to make the representation set forth in Paragraph 19 of this Agreement; Agreement and (v) you have been duly authorized by the customer to execute this Agreement, to bind such customer to arbitration, to enter orders to effect Prime Brokerage Transactions, to execute a directive to the Executing Broker regarding the mailing of confirmations, to disclose such financial information as the Executing Broker or Pershing deems necessary to effect such transactions, transactions and to take such other actions as are contemplated by this Agreement.

Appears in 1 contract

Samples: Prime Brokerage Agreement

Discretionary Account. (a) If your account is managed on a discretionary basis by an investment advisor, money manager, manager or other person ("advisor"), you hereby acknowledge that your Prime Brokerage Transactions may be commingled with those of other accounts of your advisor (“sub- "sub-accounts"), according to your advisor’s 's instructions, for clearance by Pershing in a single bulk trade and for settlement in bulk with your Prime Broker. You further acknowledge that in the event the Prime Broker indicates its intention not to settle or does not settle such bulk trade because of one or more sub-accounts receiving an allocation, the Executing Broker will either cancel and rebill the bulk trade to reflect the reduction of the securities which were originally allocated to the objectionable sub-sub- accounts or, if permissible, execute a corrected allocation of the Prime Brokerage Transaction to sub-accounts in accordance with your advisor’s 's instructions. To facilitate such allocation, the Executing Broker may open and carry an account in your name on Xxxxxxxx’x books and you shall be solely responsible and liable to the Executing Broker for settling such transaction directly with Pershing. You acknowledge that your advisor may resubmit the bulk trade and execute a corrected allocation of the Prime Brokerage Transaction. (b) If you are executing this Agreement on behalf of a customer whose account is managed by you, you hereby represent and covenant to the Executing Broker that: (i) each time you execute an order on behalf of such customer, such customer is in compliance with the Minimum Net Equity requirement or you shall notify the Executing Broker otherwise; (ii) you shall not enter an order for such customer in the event such customer falls below the Minimum Net Equity requirement; (iii) you will provide the Executing Broker with such information as is necessary to enable the Executing Broker to open and maintain an account for the benefit of such customer by completing the schedule attached hereto; (iv) you have sufficient knowledge of such customer to make the representation set forth in Paragraph 19 of this Agreement; Agreement and (v) you have been duly authorized by the customer to execute this Agreement, to bind such customer to arbitration, to enter orders to effect Prime Brokerage Transactions, to execute a directive to the Executing Broker regarding the mailing of confirmations, to disclose such financial information as the Executing Broker or Pershing deems necessary to effect such transactions, transactions and to take such other actions as are contemplated by this Agreement.

Appears in 1 contract

Samples: Prime Brokerage Agreement

Discretionary Account. (a) If your account is managed on a discretionary basis by an investment advisor, money manager, manager or other person (“advisor”), you hereby acknowledge that your Prime Brokerage Transactions may be commingled with those of other accounts of your advisor (“sub- accounts”), according to your advisor’s instructions, for clearance by Pershing in a single bulk trade and for settlement in bulk with your Prime Broker. You further acknowledge that in the event the Prime Broker indicates its intention not to settle or does not settle such bulk trade because of one or more sub-accounts receiving an allocation, the Executing Broker will either cancel and rebill the bulk trade to reflect the reduction of the securities which were originally allocated to the objectionable sub-accounts or, if permissible, execute a corrected allocation of the Prime Brokerage Transaction to sub-accounts in accordance with your advisor’s instructions. To facilitate such allocation, the Executing Broker may open and carry an account in your name on Xxxxxxxx’x books and you shall be solely responsible and liable to the Executing Broker for settling such transaction directly with Pershing. You acknowledge that your advisor may resubmit the bulk trade and execute a corrected allocation of the Prime Brokerage Transaction. (b) If you are executing this Agreement on behalf of a customer whose account is managed by you, you hereby represent and covenant to the Executing Broker that: (i) each time you execute an order on behalf of such customer, such customer is in compliance with the Minimum Net Equity requirement or you shall notify the Executing Broker otherwise; (ii) you shall not enter an order for such customer in the event such customer falls below the Minimum Net Equity requirement; ; (iii) you will provide the Executing Broker with such information as is necessary to enable the Executing Broker to open and maintain an account for the benefit of such customer by completing the schedule attached hereto; (iv) you have sufficient knowledge of such customer to make the representation set forth in Paragraph 19 of this Agreement; Agreement and (v) you have been duly authorized by the customer to execute this Agreement, to bind such customer to arbitration, to enter orders to effect Prime Brokerage Transactions, to execute a directive to the Executing Broker regarding the mailing of confirmations, to disclose such financial information as the Executing Broker or Pershing deems necessary to effect such transactions, transactions and to take such other actions as are contemplated by this Agreement.

Appears in 1 contract

Samples: Prime Brokerage Agreement