Nondiscretionary Functions Clause Samples
The Nondiscretionary Functions clause defines specific duties or actions that a party is required to perform without the exercise of personal judgment or choice. In practice, this means the party must follow predetermined procedures or standards, such as processing payments or complying with regulatory requirements, exactly as outlined in the agreement. By clearly distinguishing these mandatory tasks from discretionary ones, the clause ensures consistency, reduces ambiguity, and limits the risk of disputes over whether certain actions were required or optional.
Nondiscretionary Functions. The Custodian shall attend to all nondiscretionary details in connection with the sale, exchange, substitution, purchase, transfer or other dealings with securities or other assets of each Portfolio held by the Custodian, except as otherwise directed from time to time pursuant to Proper Instructions.
Nondiscretionary Functions. The Custodian shall attend to the following non-discretionary functions except as otherwise directed from time to time pursuant to Proper Instructions: (i) presentation of such securities for which the Custodian has received a notice of call for redemption or that have otherwise matured, and all income and interest coupons and other income items that call for payment upon presentation and (ii) execute in the name of Fund or Series such certificates as may be required to obtain payment in respect of such securities.
Nondiscretionary Functions. The Custodian shall attend to all nondiscretionary details not specifically covered by this Agreement in accordance with industry standards in connection with the
Nondiscretionary Functions. The Custodian shall attend to all nondiscretionary details not specifically covered by this Agreement in accordance with industry standards in connection with the