Common use of Correspondent Accounts Clause in Contracts

Correspondent Accounts. Co-Transfer Agent shall establish procedures reasonably designed to prevent the opening of new correspondent accounts for foreign financial institutions, as defined in Section 312 of the Act and 31 CFR § 1010.610 (formerly contained in 31 CFR § 103.175), in the Fund or at LMIS without first receiving the written (including fax or email) approval of a valid and complete application by the Co-Transfer Agent.