Common use of TERMINATION / EVENTS OF DEFAULT Clause in Contracts

TERMINATION / EVENTS OF DEFAULT. Notwithstanding any provision in the Agreement, the occurrence of any of the following events shall constitute an Event of Default under this Agreement: (1) Either Schroder or the Introducing Firm shall fail to perform or observe any term, covenant or condition to be performed or observed by it hereunder and such failure shall continue to be unremedied for a period of thirty (30) days after written notice from the non-defaulting party to the defaulting party specifying the failure and demand that the same be remedied; or (2) any representation or warranty made by either Schroder or the Introducing Firm herein shall prove to be incorrect at any time in any material respect; or (3) a receiver, liquidator or trustee of Schroder or the Introducing Firm or any of the property of either, is appointed by court order and such order remains in effect for more than 30 days; or Schroder or the Introducing Firm is adjudicated bankrupt or insolvent; or any of the property of either is sequestered by court order and such order remains in effect for more than 30 days; or a petition is filed against Schroder or the Introducing Firm under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation law of any jurisdiction, whether now or hereafter in effect, and is not dismissed within 30 days after such filing; or (4) Schroder or the Introducing Firm files a petition in voluntary bankruptcy or seeking relief under any provision of any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation law of any jurisdiction, whether now or hereafter in effect, or consents to the filing of any petition against it under any such law; or (5) Schroder or the Introducing Firm makes an assignment for the benefit of its creditors, or admits in writing its inability to pay its debts generally as they become due, or consents to the appointment of a receiver, trustee or liquidator of Schroder or the Introducing Firm or of all or any part of its property. Upon the occurrence of any such Event of Default, the nondefaulting party may, at its option, by written notice to the defaulting party declare that this Agreement shall be thereby terminated and such termination shall be effective as of the date such notice has been received by the defaulting party. Upon the termination of this Agreement, whether pursuant to this paragraph XI., paragraph XIII. hereof or otherwise, Schroder shall cause the Introduced Accounts to be transferred to the Introducing Firm or its designee.

TERMINATION / EVENTS OF DEFAULT. (a) This Agreement shall terminate (i) upon the earlier of (yy) the completion of the Conversion as provided in the Conversion Agreement or (zz) May 31, 2003, or (ii) by mutual written consent of the parties. Notwithstanding the foregoing, this Agreement also shall terminate with respect to Customer accounts as such accounts are Converted as provided in the Conversion Agreement, and we thereafter shall no longer be required to provide any services hereunder with respect to such Converted accounts. We further agree that Customers whose accounts are cleared pursuant to this Agreement shall not be charged any "exit" or termination fees at the time of their Conversion. (b) Notwithstanding any provision in the this Agreement, the occurrence of any of the following events or occurrences shall constitute an Event of Default under this Agreement: (1i) Either Schroder either the Clearing Firm or the Introducing Firm shall fail to perform or observe any term, covenant or condition to be performed or observed by it hereunder and such failure shall continue to be unremedied for a period of thirty 30 days (3010 days in the case of a failure of the Introducing Firm to maintain net capital ratios as required by applicable rules and regulations) days after written notice from the non-defaulting party to the defaulting party specifying the failure and demand demanding that the same be remedied; or (2ii) any representation or warranty made by either Schroder the Clearing Firm or the Introducing Firm herein shall prove to be incorrect at any time in any material respect; or (3iii) a receiver, liquidator or trustee of Schroder either the Clearing Firm or the Introducing Firm Firm, or any of the property of eitherits property, held by either party is appointed by court order and such order remains in effect for more than 30 days; or Schroder either the Clearing Firm or the Introducing Firm is adjudicated bankrupt or insolvent; or any of the its property of either is sequestered by court order and such order remains in effect for more than 30 days; or a petition is filed against Schroder either the Clearing Firm or the Introducing Firm under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation law of any jurisdiction, whether now or hereafter in effect, and is not dismissed within 30 days after such filing; or (4iv) Schroder either the Clearing Firm or the Introducing Firm files a petition in voluntary bankruptcy or seeking relief under any provision of any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation law of any jurisdiction, whether now or hereafter in effect, or consents to the filing of any petition against it under any such law; or (5v) Schroder either the Clearing Firm or the Introducing Firm makes an assignment for the benefit of its creditors, or admits in writing its inability to pay its debts generally as they become due, or consents to the appointment of a receiver, trustee or liquidator of Schroder either the Clearing Firm or the Introducing Firm Firm, or of all or any part of its property. property held by either party. (c) Upon the occurrence of any such Event of Default, the nondefaulting non-defaulting party may, at its option, by written notice to the defaulting party declare that this Agreement shall be thereby terminated and such termination shall be effective as of the date such notice has been received by sent or communicated to the defaulting party. Upon the termination of this Agreement, whether pursuant to this paragraph XI., paragraph XIII. hereof or otherwise, Schroder shall cause the Introduced Accounts to be transferred to the Introducing Firm or its designee.

TERMINATION / EVENTS OF DEFAULT. Notwithstanding any provision in the Agreement, the occurrence of any of the a,! following events shall constitute an Event of Default under this Agreement: (1) Either Schroder or the Introducing Firm shall fail to perform or observe any term, covenant or condition to be performed or observed by it hereunder and such failure shall continue to be unremedied for a period of thirty (30) days after written notice from the non-defaulting party to the defaulting party specifying the failure and demand that the same be remedied; or (2) any representation or warranty made by either Schroder or the Introducing Firm herein shall prove to be incorrect at any time in any material respect; or (3) a receiver, liquidator or trustee of Schroder or the Introducing Firm or any of the property of either, is appointed by court order and such order remains in effect for more than 30 days; or Schroder or the Introducing Firm is adjudicated bankrupt or insolvent; or any of the property of either is sequestered by court order and such order remains in effect for more than 30 days; or a petition is filed against Schroder or the Introducing Firm under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, .. dissolution or liquidation law of any jurisdiction, whether now or hereafter in effect, and is not dismissed within 30 days after such filing; or (4) Schroder or the Introducing Firm files a petition in voluntary bankruptcy or seeking relief under any provision of any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation law of any jurisdiction, whether now or hereafter in effect, or consents to the filing of any petition against it under any such law; or (5) Schroder or the Introducing Firm makes an assignment for the benefit of its creditors, or admits in writing its inability to pay its debts generally as they become due, or consents to the appointment of a receiver, trustee or liquidator of Schroder or the Introducing Firm or of all or any part of its property. Upon the occurrence of any such Event of Default, the nondefaulting party may, at its option, by written notice to the defaulting party declare that this Agreement shall be thereby terminated and such termination shall be effective as of the date such notice has been received by the defaulting party. Upon the termination of this Agreement, whether pursuant to this paragraph XI., paragraph XIIIX111. hereof or otherwise, Schroder shall cause the Introduced Accounts to be transferred to the Introducing Firm or its designee.

TERMINATION / EVENTS OF DEFAULT. Notwithstanding any provision in the this Agreement, the occurrence of any of the following events or occurrences shall constitute an Event of Default under this Agreement:Agreement (each, an "Event of Default"): (1) Either Schroder the Introducing Firm shall fail to maintain net capital set forth in Section A(i)(a) of Article XIV; or (2) either the Clearing Firm or the Introducing Firm shall fail to perform or observe any term, covenant or condition to be performed or observed by it hereunder under this Agreement and such failure shall continue to be unremedied for a period of thirty (30) days (ten (10) business days in the case of a violation or any representation, warranty or covenant set forth above in Sections A(viii), A(ix) and A(x) of Article XIV) after written notice from the non-defaulting party to the defaulting party specifying the failure and demand demanding that the same be remedied; or (23) any representation or warranty made by either Schroder the Clearing Firm or the Introducing Firm herein shall prove to be incorrect at any time in any material respect; or (34) a receiver, liquidator or trustee of Schroder either the Clearing Firm or the Introducing Firm Firm, or any of the property of eitherits property, held by either party is appointed by court order and such order remains in effect for more than 30 thirty (30) days; or Schroder either the Clearing Firm or the Introducing Firm is adjudicated bankrupt or insolvent; or any of the its property of either is sequestered by court order and such order remains in effect for more than 30 thirty (30) days; or a petition is filed against Schroder either the Clearing Firm or the Introducing Firm under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation law of any jurisdiction, whether now or hereafter in effect, and is not dismissed within 30 thirty (30) days after such filing; or (45) Schroder either the Clearing Firm or the Introducing Firm files a petition in voluntary bankruptcy or seeking relief under any provision of any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation law of any jurisdiction, whether now or hereafter in effect, or consents to the filing of any petition against it under any such law; or (56) Schroder either the Clearing Firm or the Introducing Firm makes an assignment for the benefit of its creditors, or admits in writing its inability to pay its debts generally as they become due, or consents to the appointment of a receiver, trustee or liquidator of Schroder either the Clearing Firm or the Introducing Firm Firm, or of all or any part of its property. Upon the occurrence of property held by either party; or (7) any such Event of Default, Default occurs under the nondefaulting party may, at its option, Promissory Note of even date herewith made by written notice Olympic Cascade Financial Corporation in the amount of Six Million Dollars ($6,000,000) payable to the defaulting party declare that this Agreement shall be thereby terminated and such termination shall be effective as order of the date such notice has been received by Clearing Firm (the defaulting party. Upon "Promissory Note"); or (8) any change in the termination financial condition of this Agreement, whether pursuant to this paragraph XI., paragraph XIII. hereof or otherwise, Schroder shall cause the Introduced Accounts to be transferred to the Introducing Firm or occurs which the Clearing Firm reasonably determines to be material and adverse in that it causes the Clearing Firm to question, in the reasonable exercise of its designeejudgment, whether the Introducing Firm will be able to meet its obligations under this Agreement.