Common use of Conversion of Accounts Clause in Contracts

Conversion of Accounts. In the event that this Agreement is terminated for any reason other than by a valid termination by GAIN pursuant to Section 14.4, Broker shall arrange for the conversion of Broker’s and its Customers’ accounts to another company that will act as principal counterparty or otherwise provide forex trading services for Broker’s introduced customers, or to Broker if it plans to directly engage in such activities. Both parties shall use all reasonable efforts to help ensure that the transition is’ as seamless and uninterruptive to Customers as possible. Broker shall give GAIN notice (the “Conversion Notice”) of: (i) the name of the company that will assume responsibility for forex services for Customers and Broker; (ii) the expected date on which such company will commence providing such services (which is subject to reasonable changes as the conversion is implemented); (iii) whether SI bulk transfer is being requested (which, if it is, shall be honored by GAIN within a reasonable time period and include a blanket assignment of GAIN’s agreements and other rights with or relating to Customers in form and content reasonably acceptable to Broker); and (iv) the name of an individual or individuals within the new company whom GAIN may contact to coordinate the conversion. With respect to any such conversion, each party shall comply with all applicable Rules, and bear its own cost and expenses relating to the conversion.