Transfer of Bank Networking Agreements Sample Clauses

Transfer of Bank Networking Agreements. 2.3.1 As soon as possible after Closing Date, Legacy shall provide written notification (the “Termination Notice”) to each financial institution that is associated with Legacy or the Legacy Registered Representatives (listed on Schedule 2.3.1 attached) (“Bank Clients”) that it will no longer provide services to such client under any contract between Legacy and the Bank Client (“Bank Networking Agreements”) effective as of the Transfer Date. After delivery of the Termination Notices, Legacy shall introduce Multi-Financial to each individual or entity who is a customer of a Bank Client as of the Closing Date (“Bank Customer”), shall use its reasonable best efforts to encourage each Bank Client to enter into a contractual relationship with Multi-Financial (whether by entering into a new written agreement with Multi-Financial or consenting to the assignment of the existing Bank Networking Agreement between such Bank Client and Legacy) and shall provide reasonable assistance to Multi-Financial in obtaining such contractual relationships. The Legacy Parties shall make no communications to the Bank Clients regarding the terms of this Agreement without the prior approval of Multi-Financial.
Sample 1
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Transfer of Bank Networking Agreements. 2.3.1 As soon as possible after Closing Date, Legacy shall provide written notification (the “Termination Notice”) to each financial institution that is associated with Legacy or the Legacy Registered Representatives (listed on Schedule 2.3.1 attached) (“Bank Clients”) that it will no longer provide services to such client under any contract between Legacy and the Bank Client (“Bank Networking Agreements”) effective as of the Transfer Date. After delivery of the Termination Notices, Legacy shall introduce Multi-Financial to each individual or entity who is a customer of a Bank Client as of the Closing Date (“Bank Customer”), shall use its reasonable best efforts to encourage each Bank Client to enter into a contractual relationship with Multi-Financial (whether by entering into a new written agreement with Multi-Financial or consenting to the assignment of the existing Bank Networking Agreement between such Bank Client and Legacy) and shall provide reasonable assistance to Multi-Financial in obtaining such contractual relationships. The Legacy Parties shall make no communications to the Bank Clients regarding the terms of this Agreement without the prior approval of Multi-Financial. 2.3.2 Legacy and Multi-Financial shall in cooperation with each other and with Legacy’s clearing agent to the extent that the parties are contemplating a mass transfer of Accounts or as otherwise appropriate, to prepare a Negative Response Letter. The Negative Response Letter shall comply with all applicable rules and regulations of the NASD and shall inform the Bank Customers that their Accounts are being or may be transferred to Multi-Financial. The parties acknowledge that as of the Closing Date, Multi-Financial will begin communicating with Legacy’s clearing agent and Legacy shall instruct its clearing agent to cooperate with Multi-Financial and Pershing regarding the Bank Customer Accounts and the Bank Customers. 2.3.3 The parties shall cooperate in the mailing of the Negative Response Letters to all Bank Customers. Legacy shall cooperate with Multi-Financial and Pershing and shall take, and shall cause Legacy’s clearing agent to cooperate with Multi-Financial and Pershing and take all actions necessary to transfer, upon the receipt of the required Consents from the Customers or the expiration of the applicable waiting period, the Bank Customers Accounts that are thereby transferred (“Bank Transferred Accounts”) to Multi-Financial in an efficient and cost-effective manner ...
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Related to Transfer of Bank Networking Agreements

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