Common use of Valueless Security Clause in Contracts

Valueless Security. A valueless security, for the purposes of this Agreement, is a share or debt instrument of a company which: (i) has been delisted, provided one year has passed since delisting; (ii) is bankrupt, in receivership or in liquidation and shares have no (or nominal) value on any exchange, listing or unregulated exchange; (iii) has been wound up into a parent company and shareholders of the wound-up company have received neither payment nor shares in the parent company; (iv) exists but is no longer in business and shares have no (or nominal) value on any exchange, listing or unregulated exchange or otherwise cannot reasonably be demonstrated to have any value; or (v) has significant legal troubles which are reasonably believed by the Firm to render the shares of the company to have no or nominal value (a “valueless security”), however, it will not include a security subject to one or more of the following: a cease trade, trade halt or trade suspension order. Solely in respect of an Account holding only one or more security each of which may be regarded as a valueless security, you acknowledge and agree that the Firm shall be entitled to deem, in its sole discretion, such security to be a valueless security; such discretion to be exercised in a reasonable manner. In the foregoing circumstances the Firm may, without notice to you, remove the valueless security from your Account at zero or nominal value and the removal will be treated as a disposition of the security to the Firm for tax purposes. In accordance with the foregoing, you agree that we will not be liable to you for any future value attributable to the valueless security or for distributions in cash or in kind. Upon the permanent removal of the valueless security from the Account, if no other assets are held other than a nominal cash balance, we may terminate this Agreement and close your Account in accordance with section 5.x. of this Agreement. Where a security forms part of a portfolio of securities held in your Account and such security may be deemed to be valueless, you will have the right but not the obligation to treat such security as a valueless security and we will require your instructions prior to its removal in accordance with this provision. For more information on the process for treating a security as a valueless security or its removal from your Account, please contact us and for information on claiming a loss on such a valueless security, if applicable, please speak to your independent tax advisor or accountant.

Valueless Security. A valueless security, for the purposes of this Agreementagreement, is a share or debt instrument of a company which: (i) has been delisted, provided one year has passed since delisting; (ii) is bankrupt, in receivership or in liquidation and shares have no (or nominal) value on any exchange, listing or unregulated exchange; (iii) has been wound up into a parent company and shareholders of the wound-wound up company have received neither payment nor shares in the parent company; (iv) exists but is no longer in business and shares have no (or nominal) value on any exchange, listing or unregulated exchange or otherwise cannot reasonably be demonstrated to have any value; or (v) has significant legal troubles which are reasonably believed by the Firm to render the shares of the company to have no or nominal value (a “valueless security”), however, it will not include a security subject to one or more of the following: a cease trade, trade halt or trade suspension order. Solely in respect of an Account account holding only one or more security each of which may be regarded as a valueless security, you acknowledge and agree that the Firm shall be entitled to deem, in its sole discretion, such security to be a valueless security; such discretion to be exercised in a reasonable manner. In the foregoing circumstances the Firm may, without notice to you, remove the valueless security from your Account account at zero or nominal value and the removal will be treated as a disposition of the security to the Firm for tax purposes. In accordance with the foregoing, you agree that we will not be liable to you for any future value attributable to the valueless security or for distributions in cash or in kind. Upon the permanent removal of the valueless security from the Accountaccount, if no other assets are held other than a nominal cash balance, we may terminate this Agreement agreement and close your Account account in accordance with section 5.x5.w. of this Agreementagreement. Where a security forms part of a portfolio of securities held in your Account account and such security may be deemed to be valueless, you will have the right but not the obligation to treat such security as a valueless security and we will require your instructions prior to its removal in accordance with this provision. For more information on the process for treating a security as a valueless security or its removal from your Accountaccount, please contact us and for information on claiming a loss on such a valueless security, if applicable, please speak to your independent tax advisor or accountant.

Valueless Security. A valueless security, for the purposes of this Agreement, is a share or debt instrument of a company which: (i) has been delisted, provided one year has passed since delisting; (ii) is bankrupt, in receivership or in liquidation and shares have no (or nominal) value on any exchange, listing or unregulated exchange; (iii) has been wound up into a parent company and shareholders of the wound-up company have received neither payment nor shares in the parent company; (iv) exists but is no longer in business and shares have no (or nominal) value on any exchange, listing or unregulated exchange or otherwise cannot reasonably be demonstrated to have any value; or (v) has significant legal troubles which are reasonably believed by the Firm to render the shares of the company to have no or nominal value (a “"valueless security”"), however, it will not include a security subject to one or more of the following: a cease trade, trade halt or trade suspension order. Solely in respect of an Account holding only one or more security each of which may be regarded as a valueless security, you acknowledge and agree that the Firm shall be entitled to deem, in its sole discretion, such security to be a valueless security; such discretion to be exercised in a reasonable manner. In the foregoing circumstances the Firm may, without notice to you, remove the valueless security from your Account at zero or nominal value and the removal will be treated as a disposition of the security to the Firm for tax purposes. In accordance with the foregoing, you agree that we will not be liable to you for any future value attributable to the valueless security or for distributions in cash or in kind. Upon the permanent removal of the valueless security from the Account, if no other assets are held other than a nominal cash balance, we may terminate this Agreement and close your Account in accordance with section 5.x5.w. of this Agreement. Where a security forms part of a portfolio of securities held in your Account and such security may be deemed to be valueless, you will have the right but not the obligation to treat such security as a valueless security and we will require your instructions prior to its removal in accordance with this provision. For more information on the process for treating a security as a valueless security or its removal from your Account, please contact us and for information on claiming a loss on such a valueless security, if applicable, please speak to your independent tax advisor or accountant.

Valueless Security. A valueless security, for the purposes of this Agreement, is a share or debt instrument of a company which: (i) has been delisted, provided one year has passed since delisting; (ii) is bankrupt, in receivership or in liquidation and shares have no (or nominal) value on any exchange, listing or unregulated exchange; (iii) has been wound up into a parent company and shareholders of the wound-up company have received neither payment nor shares in the parent company; (iv) exists but is no longer in business and shares have no (or nominal) value on any exchange, listing or unregulated exchange or otherwise cannot reasonably be demonstrated to have any value; or (v) has significant legal troubles which are reasonably believed by the Firm to render the shares of the company to have no or nominal value (a “valueless security”), however, it will not include a security subject to one or more of the following: a cease trade, trade halt or trade suspension order. Solely in respect of an Account holding only one or more security each of which may be regarded as a valueless security, you acknowledge and agree that the Firm shall be entitled to deem, in its sole discretion, such security to be a valueless security; such discretion to be exercised in a reasonable manner. In the foregoing circumstances the Firm may, without notice to you, remove the valueless security from your Account at zero or nominal value and the removal will be treated as a disposition of the security to the Firm for tax purposes. In accordance with the foregoing, you agree that we will not be liable to you for any future value attributable to the valueless security or for distributions in cash or in kind. Upon the permanent removal of the valueless security from the Account, if no other assets are held other than a nominal cash balance, we may terminate this Agreement and close your Account in accordance with section 5.x5.w. of this Agreement. Where a security forms part of a portfolio of securities held in your Account and such security may be deemed to be valueless, you will have the right but not the obligation to treat such security as a valueless security and we will require your instructions prior to its removal in accordance with this provision. For more information on the process for treating a security as a valueless security or its removal from your Account, please contact us and for information on claiming a loss on such a valueless security, if applicable, please speak to your independent tax advisor or accountant.