Common use of Conversion of Accounts Clause in Contracts

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. In the event that this Agreement is terminated for any reason, Introducing Firm shall arrange for the conversion of Introducing Firm’s and its customer accounts to another clearing broker or to Introducing Firm if it becomes self-clearing. Introducing Firm shall give Clearing Agent Notice Firm notice (the “Conversion Notice”) of: (i1) the name of the broker that will assume responsibility for clearing services for Customers and Introducing Firm; (ii2) the date on which such broker will commence providing such services; (iii3) Introducing Firm’s undertaking, in form and substance satisfactory to Clearing AgentFirm, that Introducing Firm’s agreement with such clearing broker provides that such clearing broker will accept on conversion all of Introducing Firm’s accounts and the Accounts of customers of Introducing Firm and customer accounts then maintained by Clearing AgentFirm; and (iv4) the name of an individual or individuals within the new clearing broker’s organization whom Clearing Agent Firm 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 AgentFirm, Clearing Agent Firm may notify Introducing Firm’s customers as Clearing Agent Firm deems appropriate of the termination of this Agreement and may make such arrangements as Clearing Agent Firm deems appropriate for transfer or delivery of customer and Introducing Firm accounts. The expense of notifying those customers and making such arrangements shall be charged to Introducing Firm.