Common use of Conversion of Accounts Clause in Contracts

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. 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 Penson notice (the "Conversion NoticeCONVERSION NOTICE") of: (i) the xxx 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 PensxxPenson, xxat that Correspondent's agreement with such broker provides that xxovides than such broker will accept on conversion all Correspondent and Customer Accounts, then maintained by PensxxPenson; xxdand (iv) the name of an individual within individuax xxxxin that organization who Pensxx xxx Penson can contact to coordinate the conversion. The Conversion Xxxxxrsion Notice shall accompany Correspondent's notice of termination given pursuant to Section 12(aSECTION 11(A) or within thirty (30) days of the occurrence of an event specified in Section 12(cSECTION 12(C). If Correspondent fails to give the Conversion Notice to PensxxPenson, Xxxxxx xxx Penson may give to Customers such notice as Penson deems .Xxxxxx xxxxx 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. Correspondent will pay to Penson $3,000 in programming charges to process the xxxxxxsion. In addition, Correspondent shall pay any costs incurred by Pensxx xx Penson as billed by any third party vendors such as transfer xxxxxxer agents, etc.

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 Xxxxxx notice (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 PensxxXxxxxx, xxat that Correspondent's agreement with such broker provides that such broker will accept on conversion all Correspondent and Customer Accounts, then maintained by PensxxXxxxxx; xxdand (iv) the name of an individual within that organization who Pensxx xxx Xxxxxx can 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 PensxxXxxxxx, Xxxxxx xxx may 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. Correspondent will pay to Xxxxxx $3,000.xx programming charges to process the conversion. In addition, Correspondent shall pay any costs incurred by Pensxx xx Xxxxxx as billed by any third party vendors such as transfer agents, etc.

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 Penson notice (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 PensxxPenson, xxat that Correspondent's agreement with agreexxxx xith such broker provides that such broker will accept on conversion all Correspondent and Customer Accounts, then maintained by PensxxPenson; xxdand (iv) the name of an individual within xxxxin that organization who Pensxx xxx Penson can 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 PensxxPenson, Xxxxxx xxx Penson may give to Customers such notice as Penson deems xxxms 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. Correspondent will pay to Penson $3,000 in programming charges to process xxx xxnversion. In addition, Correspondent shall pay any costs incurred by Pensxx xx Penson as billed by any third party vendors such as transfer xx xxansfer agents, etc.