Default Fund Sample Clauses
A Default Fund clause establishes a pooled reserve of financial resources contributed by members of a clearinghouse or similar financial institution to cover losses arising from a member's default. In practice, each participant is required to contribute a specified amount to the fund, which can be used to absorb losses that exceed the defaulting member's own collateral or margin. This mechanism ensures that the financial system remains stable and that obligations to non-defaulting members are met, thereby mitigating systemic risk and promoting confidence in the market.
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Default Fund. The employer shall provide each employee and each new employee upon commencement of employment with information on the funds. The employee shall then have 28 days to complete the information required, the employer shall then forward the employee’s details to the employee’s choice of fund. In the event that the employee does not select a fund of their choice, the employer will then forward superannuation contributions to the default fund. The default fund for the purposes of this Agreement is HESTA or such other fund as determined by the employer at the time of registration of this agreement.
Default Fund. CatholicCare Canberra & Goulburn shall provide each new employee upon commencement of employment with information on the default superannuation fund. The employee shall then have 28 days to complete the information required and CatholicCare Canberra & Goulburn shall then forward the employee’s details to the employee’s fund of choice. In the event that the employee does not select a fund of their choice, CatholicCare Canberra & Goulburn will then forward superannuation contributions to the default fund. The default fund for the purposes of this Agreement is Catholic Super subject to that fund offering a My Super product.
Default Fund. Plan Sponsor agrees to indemnify and hold harmless
Default Fund. 31.3.1 The parties agree that AustralianSuper, or its successor fund, will be the nominated default fund for all eligible employees for term of this agreement. Eligible employees include all staff, current and new covered by this agreement. If an employee does not select a fund, ▇▇▇▇▇▇ ▇▇▇▇▇ Health Service shall pay superannuation contributions in accordance with subclauses 31.1.2 and 31.1.3 for the employee into AustralianSuper, or it successor fund.
31.3.2 It is agreed that ▇▇▇▇▇▇ ▇▇▇▇▇ Health Service will, within 28 days of each new employee commencing employment, provide them with a:
(a) ‘Standard Choice Form’ as set out by the Australian Tax Office. Employees are able to use this ‘Standard Choice Form’ to nominate the superannuation fund they wish their Superannuation Guarantee payments to be paid into; and
(b) Product Disclosure Statement – including member application form – of the default fund – AustralianSuper, or its successor fund. ▇▇▇▇▇▇ ▇▇▇▇▇ Health Service will forward the completed superannuation fund membership forms to the employee’s chosen superannuation fund. In the event that an employee with a choice of fund does not nominate a fund, ▇▇▇▇▇▇ ▇▇▇▇▇ Health Service will forward the relevant contributions, employee details and forms to the default fund – AustralianSuper, or its successor fund.
Default Fund. With respect to the provision of the Services by LCH in respect of the Initial Products, LCH Members who wish to be LCH EnClear Clearing Members will contribute to the Exchange Fund Amount (“EFA”) of the Default Fund on terms identical to those on which other LCH Members contribute to the EFA.
Default Fund. The YWCA Canberra shall provide each new employee upon commencement of employment with information on the default fund. The employee shall then have 28 days to complete the information required and the YWCA Canberra shall then forward the employee’s details to the employee’s fund of choice. In the event that the employee does not select a fund of their choice, the YWCA Canberra will then forward superannuation contributions to the default fund. The default fund for the purposes of this Agreement is HESTA.
Default Fund. Sun Life is responsible for choosing the default fund for Your Plan from among the choices offered by Sun Life for the SunAdvantage my savings RRSP, TFSA and DPSP.
Default Fund. 13.3.1 An employee, who does not provide to the employer details of their preferred Fund, within twenty – eight (28) days of commencing employment with the employer, shall be enrolled by the employer in the employers default fund.
Default Fund. The default fund that applies to new employees will be CBUS or its predecessor.
Default Fund. In the event that an employee does not elect to join a fund specified in Clause 18.4.1 the employer shall forward the employees contributions to Health Super.