EXHIBIT 10.2
Amendment to Clearing Agreement
The undersigned hereby amend the clearing agreement dated as of September
28, 1999, between Broadcort Capital Corp. (the "Clearing Firm") and Knight
Securities, L.P. (hereinafter referred to as the "Introducing Firm") in the
manner set forth herein.
WHEREAS, the Introducing Firm and the Clearing Firm desire to amend the
clearing agreement to provide for rights and responsibilities associated with
rehypothecation of securities and the receipt of control and restricted
securities,
NOW THEREFORE, in consideration of the mutual covenants hereinafter set
forth and other good and valuable consideration the receipt of which is hereby
acknowledged, the parties hereto hereby covenant and agree as folllows:
A. The Introducing Firm shall be responsible for all matters associated
with the receipt and transfer of controlled and restricted securities
by its clients. Any securities presented by the Introducing Firm's
clients shall be in fully negotiable form upon receipt by the Clearing
Firm.
B. The Clearing Firm (and not the Introducing Firm) shall have the right
to rehypothecate any securities owned by the Introducing Firm's
clients if such securities are not fully paid for.
This Agreement shall become effective as of October 18, 1999 or such other date
mutually agreed upon by the parties hereto.
Made and executed at New York, New York on this 18th day of October, 1999.
BROADCORT CAPITAL CORP.
By /s/ Xxxxxxx X. Xxxxx
-----------------------------
Title: General Counsel
-------------------------
KNIGHT SECURITIES, L.P.
By /s/ Xxxxxxx X. Xxxxxx
-----------------------------
Title: SVP & General Counsel
-------------------------
25
