Common use of Disciplinary Action, Suspension, or Restriction Clause in Contracts

Disciplinary Action, Suspension, or Restriction. If Correspondent or any of its affiliates. or any officer. director, general securities principal, financial and operational principal, or Registered Representative of Correspondent, becomes subject to any form of disciplinary action, suspension, or restriction by any federal or state agency, stock exchange, regulatory or self-regulatory organization having jurisdiction over Correspondent or Correspondent’s securities or commodities business, or any foreign governmental or regulatory body having authority over correspondent’s activities, Correspondent shall give notice to Apex immediately. orally and in writing, and provide Apex a copy of any decision relating to such action, suspension, or restriction. Apex may take any action it reasonably deems to be necessary (i) to assure that it and Correspondent will continue to comply with all applicable legal, regulatory, and self-regulatory requirements, notwithstanding such action, suspension, or restriction; and (ii) to comply with any requests, directives, or demands made upon Apex by any such federal or state agency, stock exchange. regulatory or self-regulato1y organization. or any foreign governmental or regulatory body having authority over correspondent’s activities, including, in Apex’s sole discretion. to immediately terminate this Agreement.