Common use of RESPONSIBLE AS PRINCIPAL Clause in Contracts

RESPONSIBLE AS PRINCIPAL. The Customer agrees that the Customer shall be responsible to the Bank as a principal for all of the Customer's obligations to the Bank arising under or in connection with this Agreement, notwithstanding that the Customer may be acting on behalf of other persons, and the Customer warrants the Customer's authority to deposit in the Custody Account and Custody Cash Account, respectively, any Financial Assets and funds which the Bank receives therefor and to give Instructions relative thereto. The Customer further agrees that the Bank shall not be subject to, nor shall the Bank's rights and obligations with respect to this Agreement and the Custody Account or the Custody Cash Account be affected by, any agreement between the Customer and any such person.