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 Pens▇▇ ▇▇▇ice (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 Pens▇▇, ▇▇at Correspondent's agreement with such broker provides that such broker will accept on conversion all Correspondent and Customer Accounts, then maintained by Pens▇▇; ▇▇d (iv) the name of an individual within that organization who Pens▇▇ ▇▇▇ 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 Pens▇▇, ▇▇▇▇▇▇ ▇▇▇ 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 Pens▇▇ ▇▇ 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 Pens▇▇ ▇▇▇ice 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 PensPenson, that Correspondent's agree▇▇, ▇▇ ▇at Correspondent's agreement with ith such broker provides that such broker will accept on conversion all Correspondent and Customer Accounts, then maintained by Pens▇▇Penson; ▇▇dand (iv) the name of an individual within ▇▇▇▇in that organization who Pens▇▇ ▇▇▇ 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 Pens▇▇Penson, ▇▇▇▇▇▇ ▇▇▇ Penson may give to Customers such notice as Penson deems ▇▇▇ms 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 ▇▇▇ ▇▇nversion. In addition, Correspondent shall pay any costs incurred by Pens▇▇ ▇▇ Penson as billed by any third party vendors such as transfer ▇▇ ▇▇ansfer 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 Pens▇▇ ▇▇▇ice Penson notice (the "Conversion NoticeCONVERSION 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 Pens▇▇Penson, ▇▇at that Correspondent's agreement with such broker provides that ▇▇ovides than such broker will accept on conversion all Correspondent and Customer Accounts, then maintained by Pens▇▇Penson; ▇▇dand (iv) the name of an individual within individua▇ ▇▇▇▇in that organization who Pens▇▇ ▇▇▇ Penson can contact to coordinate the conversion. The Conversion ▇▇▇▇▇rsion 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 Pens▇▇Penson, Penson may give to Customers such notice as .▇▇▇▇▇▇ ▇▇▇▇▇ 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 Penson $3,000 in programming charges to process the ▇▇▇▇▇▇sion. In addition, Correspondent shall pay any costs incurred by Pens▇▇ ▇▇ Penson as billed by any third party vendors such as transfer ▇▇▇▇▇▇er 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 Pens▇▇ ▇▇▇ice ▇▇▇ 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 Pens▇▇▇▇▇▇, ▇▇at that Correspondent's agreement with such broker provides that such broker will accept on conversion all Correspondent and Customer Accounts, then maintained by Pens▇▇▇▇▇▇; ▇▇dand (iv) the name of an individual within that organization who Pens▇▇ ▇▇▇▇▇ 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 Pens▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇ 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 ▇▇▇▇▇▇ $3,▇▇▇.▇▇ programming charges to process the conversion. In addition, Correspondent shall pay any costs incurred by Pens▇▇▇▇▇▇ ▇▇ as billed by any third party vendors such as transfer agents, etc.