Conversion of Accounts. In the event that this Agreement is terminated for any reason, Broker shall arrange for the conversion of Broker’s and its customer accounts to another clearing broker or to Broker if it becomes self-clearing. Broker shall give Pershing Notice (the “Conversion Notice”) of: (i) the name of the broker that will assume responsibility for clearing services for Customers and Broker; (ii) the date on which such broker will commence providing such services; (iii) Broker’s undertaking, in form and substance satisfactory to Pershing, that Broker’s agreement with such clearing broker provides that such clearing broker will accept on conversion all Broker and customer accounts then maintained by Pershing; and (iv) the name of an individual or individuals within new clearing broker’s organization whom Pershing may contact to coordinate the conversion. The Conversion Notice shall accompany Broker’s notice of termination given pursuant to this Paragraph. If Broker fails to give Conversion Notice to Pershing, Pershing may notify Broker’s customers as Pershing deems appropriate of the termination of this Agreement and may make such arrangements as Pershing deems appropriate for transfer or delivery of customer and Broker accounts. In such event, the expense of notifying those customers and making such arrangements shall be charged to Broker.
Conversion of Accounts. In the event that this Agreement is terminated for any reason, it shall be CLAY's responsibility to arrange for the conversion of CLAY and Customer Accounts to another clearing broker. CLAY will give FSWC notice (the "Conversion Notice") of:
(i) the name of the broker that will assume responsibility for clearing services for Customers and CLAY;
(ii) the date on which such broker will commence providing such services;
(iii) CLAY's undertaking, in form and substance satisfactory to FSWC, that CLAY's agreement with such broker provides that such broker will accept on conversion all CLAY and Customer Accounts, then maintained by FSWC; and
(iv) the name of an individual within that organization who may be contacted by FSWC to coordinate the conversion. The Conversion Notice shall accompany CLAY's notice of termination given pursuant to Section 12(a) or within thirty (30) days of the occurrence of an event specified in Section 12(c) or a termination by FSWC. FSWC shall not be responsible for transfers not within the normal capabilities of its data processing and operational systems or for delays necessary to avoid disruption of its normal operations. If CLAY fails to provide the Conversion Notice to FSWC within the time prescribed, FSWC may give to Customers of CLAY such notice as FSWC deems appropriate of the termination of this Agreement and may make such arrangements with the Customers as FSWC deems appropriate for transfer or delivery of Customer and CLAY Accounts. CLAY will pay to FSWC a termination fee equal to the greater of (i) the actual costs and expenses incurred by FSWC in discontinuing the clearing arrangement hereunder and transferring the Accounts pursuant to the request of CLAY (ii) $10,000. Said termination fee shall be paid within 10 days after CLAY's receipt of FSWC's statement setting forth in reasonable detail the costs and expenses incurred by FSWC. FSWC's determination of the costs and expenses relating to the discontinuance of the clearing arrangement hereunder and the transferring of the Accounts shall be conclusive and binding on the parties hereto, absent a showing of manifest error. The obligation of CLAY to pay the termination fee as specified herein shall be and become a part of the Obligation and, if not paid when due, shall become subject to FSWC's rights of offset as provided under the terms of this Agreement.
Conversion of Accounts. In the event that this Agreement is terminated for any reason, it shall be Correspondent's responsibility to arrange for the conversion of Correspondent and Customer Accounts to another clearing broker. Correspondent will give Pensxx xxxice (the "Conversion Notice") of:
(i) the name of the broker that will assume responsibility for clearing services for Customers and Correspondent;
(ii) the date on which such broker will commence providing such services;
(iii) Correspondent's undertaking, in form and substance satisfactory to Pensxx, xxat Correspondent's agreement with such broker provides that such broker will accept on conversion all Correspondent and Customer Accounts, then maintained by Pensxx; xxd
(iv) the name of an individual within that organization who Pensxx xxx contact to coordinate the conversion. The Conversion Notice shall accompany Correspondent's notice of termination given pursuant to Section 12(a) or within thirty (30) days of the occurrence of an event specified in Section 12(c). If Correspondent fails to give the Conversion Notice to Pensxx, Xxxxxx xxx give to Customers such notice as Penson deems appropriate of the termination of this Agreement and may make such arrangements as Penson deems appropriate for transfer or delivery of Customer and Correspondent Accounts. In addition, Correspondent shall pay any costs incurred by Pensxx xx billed by any third party vendors such as transfer agents, etc.
Conversion of Accounts. Subject to the dollar limits of Section 5.2 and provided that the Borrower may not convert to or select a new Interest Period for a Libor Account at any time when a Default exists, Borrower may (a) convert a Libor Account on the last day of the applicable Interest Period to a Base Rate Account, (b) convert a Base Rate Account (other than Base Rate Accounts consisting of Swingline Loans) at any time to a Libor Account, and (c) elect a new Interest Period for a Libor Account on the last day of the applicable Interest Period. Any such election may be made by telephonic request to Agent no later than 10:00 a.m. on the third Business Day before the conversion date or the last day of the Interest Period, as the case may be (for conversion to a Libor Account or election of a new Interest Period), and no later than 10:00 a.m. on the last day of the Interest Period (for conversion to a Base Rate Account). Borrower shall provide written notice of any such conversion, in reasonable detail, to Agent no later than two (2) days after the date of the conversion or election. Absent Borrower's telephonic request for conversion or election of a new Interest Period or if a Default exists, then, a Libor Account shall be deemed converted to a Base Rate Account effective when the applicable Interest Period expires.
Conversion of Accounts. In the event that this Agreement is terminated for any reason, Introducing Firm shall arrange for the conversion of its customer accounts to another clearing broker or to Introducing Firm if it becomes self-clearing. Introducing Firm shall give Clearing Agent Notice (the “Conversion Notice”) of: (i) the name of the broker that will assume responsibility for clearing services for Customers and Introducing Firm; (ii) the date on which such broker will commence providing such services; (iii) Introducing Firm’s undertaking, in form and substance satisfactory to Clearing Agent, that Introducing Firm’s agreement with such clearing broker provides that such clearing broker will accept on conversion all Introducing Firm and customer accounts then maintained by Clearing Agent; and (iv) the name of an individual or individuals within the new clearing broker’s organization whom Clearing Agent may contact to coordinate the conversion. The Conversion Notice shall accompany Introducing Firm’s notice of termination given pursuant to this Section. If Introducing Firm fails to give Conversion Notice to Clearing Agent, Clearing Agent may notify Introducing Firm’s customers as Clearing Agent deems appropriate of the termination of this Agreement and may make such arrangements as Clearing Agent deems appropriate for transfer or delivery of customer accounts. The expense of notifying those customers and making such arrangements shall be charged to Introducing Firm.
Conversion of Accounts. Upon termination of this Agreement for any reason, it shall be Correspondent’s responsibility to arrange for the conversion of the Accounts to another broker for clearing and/or execution services. Correspondent shall promptly upon termination give Ridge written notice of the name of such other broker, the anticipated date on which it shall commence acting as clearing broker with respect to the Accounts, and the name of the individual(s) within that organization whom Ridge can contact to coordinate the conversion. Correspondent shall also provide Ridge with Correspondent’s written undertaking, in a form acceptable to Ridge, that such other broker shall accept on conversion all Accounts then maintained by Ridge for such Correspondent. If Correspondent fails to provide Ridge with the notice and undertaking referred to above, Ridge may, at the sole expense of Correspondent, give Customers such notice of termination of this Agreement as Ridge deems appropriate and make such other arrangements as Ridge deems appropriate for transfer or delivery of the Accounts. Ridge will provide reasonable assistance to Correspondent in de-converting Accounts from the systems of Ridge. Except as otherwise provided in this Agreement, Correspondent shall promptly pay to Ridge reasonable expenses incurred by Ridge in processing the de-conversion.
Conversion of Accounts. Upon termination of this Agreement for any reason, it shall be Correspondent’s responsibility to arrange for the conversion of the Accounts to another broker for clearing and/or execution services. Correspondent shall promptly upon termination give ICS written notice of the name of such other broker, the anticipated date on which it shall commence acting as clearing broker with respect to the Accounts and the name of an individual within that organization whom ICS can contact to coordinate the conversion. Correspondent shall also provide ICS with Correspondent’s written undertaking, in form and substance satisfactory to ICS, that such other broker shall accept on conversion all Accounts then maintained by ICS. If Correspondent fails to provide ICS with the notice and undertaking referred to above, ICS may, at the sole expense of Correspondent, give Customers such notice of termination of this Agreement as ICS deems appropriate and make such other arrangements as ICS deems appropriate for transfer or delivery of the Accounts. Correspondent shall promptly pay to ICS reasonable expenses incurred by ICS in processing the conversion.
Conversion of Accounts. In the event that this Agreement is terminated for any reason other than by a valid termination by GAIN pursuant to Section 14.4, Broker shall arrange for the conversion of Broker’s and its Customers’ accounts to another company that will act as principal counterparty or otherwise provide forex trading services for Broker’s introduced customers, or to Broker if it plans to directly engage in such activities. Both parties shall use all reasonable efforts to help ensure that the transition is’ as seamless and uninterruptive to Customers as possible. Broker shall give GAIN notice (the “Conversion Notice”) of: (i) the name of the company that will assume responsibility for forex services for Customers and Broker; (ii) the expected date on which such company will commence providing such services (which is subject to reasonable changes as the conversion is implemented); (iii) whether SI bulk transfer is being requested (which, if it is, shall be honored by GAIN within a reasonable time period and include a blanket assignment of GAIN’s agreements and other rights with or relating to Customers in form and content reasonably acceptable to Broker); and (iv) the name of an individual or individuals within the new company whom GAIN may contact to coordinate the conversion. With respect to any such conversion, each party shall comply with all applicable Rules, and bear its own cost and expenses relating to the conversion.
Conversion of Accounts. In the event that this Agreement is terminated for any reason, Broker shall arrange for the conversion of Broker's and its customer accounts to another clearing broker or to Broker if it becomes self-clearing. Broker shall give Fortis Notice (the "Conversion Notice") of: (i) the name of the broker that will assume responsibility for clearing services for customers and Broker; (ii) the date on which such broker will commence providing such services; (iii) Broker's undertaking, in form and substance satisfactory to Fortis, that Broker's agreement with such clearing broker provides that such clearing broker will accept on conversion all Broker and customer accounts then maintained by Fortis; and (iv) the name of an individual or individuals within new clearing broker's organization whom Fortis may contact to coordinate the conversion. The Conversion Notice shall accompany Broker's notice of termination given pursuant to this Paragraph.
Conversion of Accounts. Purchaser has no Knowledge or any fact, condition or circumstance that would prevent Purchaser from effecting the servicing conversion of Accounts to the Successor Servicer.
