Common use of Suspension or Restriction Clause in Contracts

Suspension or Restriction. In the event that Correspondent or any employee of Correspondent shall become subject to suspension or restriction by any regulatory body having jurisdiction over Correspondent and Correspondent's securities business, Correspondent will notify Pens▇▇ ▇▇▇ediately and Correspondent authorizes Pens▇▇ ▇▇ take such steps as may be necessary for Pens▇▇ ▇▇ maintain compliance with the rules and regulations to which Pens▇▇ ▇▇ subject. Correspondent further authorizes Pens▇▇, ▇▇ any event, to comply with directives or demands made upon Pens▇▇ ▇▇ any exchange or regulatory body relative to Correspondent and Customers. In connection with such directives or demands, Pens▇▇ ▇▇▇ seek advice or legal counsel and Correspondent will reimburse Pens▇▇ ▇▇▇ reasonable fees and expenses of such counsel. Proprietary and Confidential