Assignment Agreement between Herzog, Heine, Geduld, Inc., Broadcort Capital Corp., and CBNY Investment Services Corp.

Summary

Herzog, Heine, Geduld, Inc. is transferring all its rights and obligations under a Clearing Agreement with CBNY Investment Services Corp. to Broadcort Capital Corp. As of April 6, 2001, Herzog will no longer have any involvement in the Clearing Agreement, and Broadcort Capital Corp. will assume Herzog's role. CBNY consents to this transfer, and its rights and duties under the original agreement remain unchanged. This document, along with the original Clearing Agreement, forms the complete agreement among the parties.

EX-10.3 9 file008.txt ASSIGNMENT AGREEMENT Exhibit 10.3 ASSIGNMENT AGREEMENT Effective, April 6, 2001, Herzog, Heine, Geduld, Inc. ("Herzog") hereby assigns to Broadcort Capital Corp. ("BCC") all of its rights and obligations under the Clearing Agreement between CBNY Investment Services Corp. ("CBNY") and Herzog dated February 6, 2001. Herzog will not retain any rights or duties under the Clearing Agreement. CBNY's rights and duties under the Clearing Agreement will remain the same with respect to BCC. CBNY hereby consents to this assignment as evidenced by its signature below. This agreement, together with the Clearing Agreement, represents the complete and total agreement between the parties. APPROVED BY: HERZOG, HEINE, GEDULD, INC. By: /s/ CHARLES CHRISTOFILIS ------------------------------- Title: SENIOR VICE PRESIDENT --------------------------- Date: 4/10/01 --------------------------- BROADCORT CAPITAL CORP. By: /s/ PAT RICHARD COSTA ------------------------------- Title: SENIOR VICE PRESIDENT --------------------------- Date: April 9, 2001 --------------------------- Address for Notices: 222 Broadway, 6th Floor New York, NY 10038 Copy to: General Counsel (same address) ACCEPTED BY: CBNY INVESTMENT SERVICES CORP. By: /s/ JOSE A. PAULUCCI ----------------------------- Title: PRESIDENT & CEO -------------------------- Date: 4/06/01 ---------------------------