Administrative or Operational Error Clause Samples

The "Administrative or Operational Error" clause defines how mistakes or oversights in the administration or operation of an agreement are handled. Typically, this clause allows for the correction of errors such as miscalculations, data entry mistakes, or other unintentional administrative faults, often specifying a process for notification and rectification once the error is discovered. Its core practical function is to ensure that minor, good-faith errors do not undermine the intent of the agreement, providing a mechanism to correct such issues and maintain fairness between the parties.
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Administrative or Operational Error. Section 5(a)(v) is modified by adding the following immediately prior to the semicolon at the end of such Section: “provided that the failure to make any payment or delivery under a Specified Transaction will not be deemed to be an Event of Default if (x) such failure is caused by an error or omission of an administrative or operational nature; (y) funds or property were available to such party to enable it to make the relevant payment or delivery when due; and (z) such relevant payment or delivery is made within three Local Business Days following receipt of written notice from an interested party of such failure to pay or deliver
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Related to Administrative or Operational Error

  • Delegated Anti-Money Laundering Duties Terms in quotation marks in this Section shall have the meaning such terms are assigned in the Bank Secrecy Act, as amended, and its implementing regulations (collectively, the “BSA”). In general, the term “Delegated Anti-Money Laundering Duties” encompasses the functions necessary to fulfill obligations that are imposed upon the Trust and its Fund by the BSA and that relate to information maintained or transactions processed by the Transfer Agent (collectively, the “BSA Obligations”). Notwithstanding anything to the contrary herein or elsewhere, the Delegated Anti-Money Laundering Duties shall not include any anti-money laundering function related to an obligation of the Trust that is performed by any entity that is neither directly nor indirectly owned by FMR LLC (an “Unaffiliated Intermediary”) pursuant to a provision of a Selling Dealer Agreement, Bank Agency Agreement, or any other agreement between Fidelity Distributors Company LLC or any other entity directly or indirectly owned by FMR LLC and the Unaffiliated Intermediary. The Trust has appointed FIIOC to implement its written AML Program, which is reasonably designed to comply with BSA. The AML Program includes the Delegated Anti-Money Laundering Duties and reflects the Fund’s practices for detecting, preventing and reporting money laundering, terrorist financing, and certain other criminal activity. The Fund shall exercise oversight of FIIOC’s AML activities through the Fund’s Program Officer (as that is defined in the AML Program) or his/her delegates.

  • PROFESSIONAL DEVELOPMENT AND EDUCATIONAL IMPROVEMENT A. Both the Board and the Association encourage teachers to seek professional improvement. In order to assist teachers in extending and improving their skills the following plan will be implemented. B. All Teachers will be encouraged to earn a Masters degree or coursework toward additional certification that is in the field of education and within a teacher's discipline, or in an area that is beneficial to the school. C. The Board will pay teacher's expenses for undergraduate and/or graduate credits, specialty and additional endorsements under the following conditions. 1. In allocating budgeted funds priority will be given to the teachers in a “masters” program and those teachers who need to complete coursework for certification. 2. All courses must be approved, in advance, by the Superintendent. Courses for recertification purposes must be approved in advance by the certification committee and the superintendent. The teacher shall receive a written reply from the Superintendent within ten (10) days of application for course approval (See Appendix D). 3. Each teacher will be eligible for up to six (6) semester hours of credit or, if enrolled in a matriculated, organized program, 12 semester hours of credit for undergraduate will be paid if part of a graduate program or graduate courses per contract year. The Superintendent reserves the right to request intent to take courses prior to final budget preparation. Failure to communicate such intent at the time of the Superintendent’s request may jeopardize course reimbursement due to a lack of funding. 4. The administration will pay in advance the cost of the course. Presentation of evidence of satisfactory completion of the course (A grade of B or better) is the responsibility of the teacher. In the event the course is not completed or not completed satisfactorily, the teacher will refund the payment received in advance and in accordance with Appendix D – attached. 5. Teachers who resign shall not be eligible for reimbursement after the date of resignation Teachers who have been reimbursed for any course work toward securing a masters within the last two (2) years of employment shall be required to continue their service to RSU # 78 for an additional two (2) years (twenty-four months) or will be required to reimburse the district the cost associated with Masters courses taken prior to departing, Such reimbursement to the district shall be remitted via payroll deductions as arranged between the District and employee, unless the failure to continue employment is due to illness, disability, death, or reduction of position. 6. Reimbursement will only be for tuition and fees. It will not include reimbursement for mileage, books and other expenses unless the teacher is required to take the course by the administration.

  • Anti-Money Laundering and Identity Theft Prevention Related Duties Subject to the terms and conditions set forth herein, the Trust hereby delegates to the Transfer Agent the Delegated Anti-Money Laundering Duties and, where applicable, the Delegated Identity Theft Prevention Duties that are set forth in the Trust’s Anti-Money Laundering (“AML”) Program and Identity Theft Prevention Program (“IDTPP”) as described below. The Transfer Agent agrees to perform the Delegated Anti-Money Laundering Duties and the Delegated Identity Theft Prevention Duties, with respect to ownership of shares in the Fund for which the Transfer Agent maintains the applicable information subject to and in accordance with the terms and conditions of the Contract.

  • Anti-Money Laundering/International Trade Law Compliance No Covered Entity is a Sanctioned Person. No Covered Entity, either in its own right or through any third party, (i) has any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned Person in violation of any Anti-Terrorism Law; (ii) does business in or with, or derives any of its income from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; or (iii) engages in any dealings or transactions prohibited by any Anti-Terrorism Law.

  • Foreign Assets Control Regulations and Anti-Money Laundering Each Credit Party and each Subsidiary of each Credit Party is and will remain in compliance in all material respects with all U.S. economic sanctions laws, Executive Orders and implementing regulations as promulgated by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”), and all applicable anti-money laundering and counter-terrorism financing provisions of the Bank Secrecy Act and all regulations issued pursuant to it. No Credit Party and no Subsidiary or Affiliate of a Credit Party (i) is a Person designated by the U.S. government on the list of the Specially Designated Nationals and Blocked Persons (the “SDN List”) with which a U.S. Person cannot deal with or otherwise engage in business transactions, (ii) is a Person who is otherwise the target of U.S. economic sanctions laws such that a U.S. Person cannot deal or otherwise engage in business transactions with such Person or (iii) is controlled by (including without limitation by virtue of such person being a director or owning voting shares or interests), or acts, directly or indirectly, for or on behalf of, any person or entity on the SDN List or a foreign government that is the target of U.S. economic sanctions prohibitions such that the entry into, or performance under, this Agreement or any other Loan Document would be prohibited under U.S. law.