Common use of Termination of Deposit Account Clause in Contracts

Termination of Deposit Account. Within thirty (30) days of termination of this Agreement, Clearing Agent shall pay and deliver to Introducing Firm, the funds and securities in the Deposit Account, less any amounts to which it is entitled under the preceding Section; provided, however, that Clearing Agent may: (i) retain the Deposit Account until transfer of all customer and proprietary accounts of Introducing Firm has been completed and (ii) retain in the Deposit Account such amount for such period as it reasonably deems appropriate for its protection from any claim or proceeding of any type, then pending or threatened, until the final determination of such claim or proceeding is made. If a threatened claim or proceeding is not resolved or if a legal action or proceeding is not instituted within 90 days after the termination of this Agreement, any amount retained with respect to such claim, proceeding, or action shall be paid or delivered to Introducing Firm.

Termination of Deposit Account. Within thirty (30) days of termination of this Agreement, First Clearing Agent shall pay and deliver to Introducing FirmBroker, the funds and securities in the Deposit Account, less any amounts to which it is entitled under the preceding SectionParagraph; provided, however, that First Clearing Agent may: (i) retain the Deposit Account for such period of time until transfer of all customer and proprietary accounts of Introducing Firm Broker has been completed and (ii) retain in the Deposit Account such amount for such period as it reasonably deems appropriate for its protection from any claim or proceeding of any type, then pending or threatened, until the final determination of such claim or proceeding is made. If a threatened claim or proceeding is not resolved or if a legal action or proceeding is not instituted within 90 days a reasonable time after the termination of this Agreement, any amount retained with respect to such claim, proceeding, or action shall be paid or delivered to Introducing FirmBroker.