CONVERSION DATE Definition

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CONVERSION DATE, dependent upon usage, there are likely many definitions varying within the industries in which the term is being used. Basically, it is a date on which an asset is converted into a similarly valued but different asset.

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CLEARING is the process of reporting a trade to ACT for comparison of the details of the transaction between brokers prior to final settlement; the final exchange of securities for cash on delivery. Clearing operations, such as the National Securities Clearing Corporation (NSCC), facilitate the validation, delivery, and settlement of securities transactions. Trades are either reported by the broker to the clearing corporation directly or through a third party, usually another brokerage firm if a broker does not have a direct relationship with a clearing corporation.

CROSS-AGED RECEIVABLE means all accounts receivable due from a Customer if more than 50% of the aggregate amount of all accounts receivable due from such Customer are aged more than 90 days.

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