Clearing Services and Support Clause Samples

Clearing Services and Support. (a) After the First Closing, ICS shall continue to provide clearing services to Zone Trading until such time as Zone Trading and ICS reasonably agree that Zone Trading’s clearing has been fully transferred to a third-party clearing firm (the “Clearing Transition Date”). ICS shall use reasonable efforts to provide support and assistance in transitioning Zone Trading’s clearing functions to another clearing firm. (b) From the First Closing until the Clearing Transition Date, Zone Trading shall be billed on the same basis as at present with no increase in costs (other than increases caused by third-party vendor cost increases) and no decline in service levels, except that from the First Closing Date through the Second Closing Date Zone Trading will be charged no more than (i) $1.00 per thousand shares for all DOT and DirectPlus orders, and (ii) $0.00 for all listed stock SUMO/NASDAQ Supermontage orders by Inet ATS, Inc. (c) In the event that the Clearing Transition Date occurs prior to September 1, 2004, Overunder shall be paid $3,333.00 by Sellers for every day between the Clearing Transition Date and September 1, 2004. Any amount due Overunder pursuant to this Section 4.13(c) shall be due and payable no later than seven (7) days following such Clearing Transition Date. (d) The JBO Agreement (as modified hereby) shall continue through and terminate at (and ICS shall not terminate the JBO Agreement earlier than) the Clearing Transition Date, at which time the parties to the Second Release shall execute the Second Release in accordance with Section 1.7(b) above.