Notes and Conditions to Financial Intermediaries Services Clause Samples
The "Notes and Conditions to Financial Intermediaries Services" clause sets out the specific terms, guidelines, and requirements that apply to financial intermediaries engaged in providing services under the agreement. It typically outlines the standards of conduct, compliance obligations, and operational procedures that intermediaries must follow, such as adhering to anti-money laundering regulations or maintaining accurate records. By clearly defining these expectations, the clause ensures that all parties understand their responsibilities, thereby reducing the risk of non-compliance and promoting transparency in the provision of intermediary services.
Notes and Conditions to Financial Intermediaries Services. Atlantic is authorized to conduct transactions through Fund/SERV and Networking for the Trust or various Funds subject to the terms of this Agreement. Fund/SERV and Networking are services sponsored by the NSCC and as used herein have the meanings as set forth in the then current edition of NSCC Rules and Procedures published by NSCC or such other similar publication as may exist from time to time.
(a) If any Fund fails to settle any trade of Shares (a "settlement failure") transacted over the FundServ network, the Trust or the Adviser shall, prior to one hour before the next settlement of Shares, (i) notify Atlantic about the settlement failure and (ii) provide Atlantic with a description of the specific remedial and prospective actions proposed to be taken by the Trust or the Adviser in order to remedy such settlement failure and avoid any settlement failures in the future (a "remediation plan"). If (i) the Trust or the Adviser fails to notify Atlantic about a settlement failure on a timely basis and (ii) the Trust or the Adviser fails to deliver the remediation plan on a timely basis, or (iii) the remediation plan is inadequate (in Atlantic's reasonable opinion), then, upon written notice to the Trust, Atlantic may terminate the performance of any Services rendered to the Fund under Section 5.1 of this Appendix A (Part III) immediately and without penalty;
(b) If Atlantic is or, in Atlantic's reasonable opinion Atlantic may be, subject to any disciplinary action by NSCC, including fine or censure, expulsion, suspension, limitation of or restriction on activities, functions, and operations (collectively, an "NSCC sanction") that is proximately caused by conduct of a Fund or its agents (other than Atlantic) that contravenes this agreement or that contravenes any agreement between the Fund or the Trust and NSCC, then Atlantic may, in its sole discretion, demand in writing that the Fund provide Atlantic with adequate assurances specifying any remedial and prospective actions to be taken in order to remedy or avoid the NSCC sanction. If the Fund does not within seven (7) days of such demand provide adequate assurances satisfactory to Atlantic in response to any NSCC sanction, then, upon written notice to the Trust, Atlantic may terminate the performance of any Services rendered to that Fund under Section 5.1 of this Appendix A (Part III) immediately and without penalty; and
(c) Notwithstanding the foregoing, Atlantic may terminate the performance of any Serv...
Notes and Conditions to Financial Intermediaries Services. (a) If the Client fails to settle any trade of Shares (a "settlement failure") transacted over the FundServ network maintained by the National Securities Clearing Corporation ("NSCC"), the Client shall, prior to one hour before the next settlement of Shares, (i) notify Forum about the settlement failure and (ii) provide Forum with a description of the specific remedial and prospective actions proposed to be taken by the Client in order to remedy such settlement failure and avoid any settlement failures in the future (a "remediation plan"). If (i) the Client fails to notify Forum about a settlement failure on a timely basis and (ii) the Client fails to deliver the remediation plan on a timely basis, or (iii) the remediation plan is inadequate (in Forum's reasonable opinion), then, upon written notice to the Client, Forum may terminate the performance of any services rendered to the Client under Section 5.1 of this Appendix A immediately and without penalty.
(b) If Forum is or, in Forum's reasonable opinion, Forum may be the subject to any disciplinary action by the NSCC, including, but not limited to fine or censure, expulsion, suspension, limitation of or restriction on activities, functions, and operations (collectively, an "NSCC sanction") as a result of the activities of the Client or its respective agents, then Forum may, in its sole discretion, demand, in writing, that the Client provide Forum with adequate assurances specifying any remedial and prospective actions to be taken in order to remedy or avoid an NSCC sanction. If the Client does not, within seven (7) days of such demand provide adequate assurances satisfactory to Forum in response to any NSCC sanction, then, upon written notice to the Client, Forum may terminate the performance of any services rendered to the Client under Section 5.1 of this Appendix A immediately and without penalty.
Notes and Conditions to Financial Intermediaries Services. The Trust has authorized Citibank to conduct transactions through Fund/SERV and Networking for the Funds, and Citibank agrees to do so subject to the terms of this Agreement. Fund/SERV and Networking are services sponsored by the National Securities Clearing Corporation (“NSCC”) and as used herein have the meanings as set forth in the then current edition of NSCC Rules and Procedures published by NSCC or such other similar publication as may exist from time to time.
(a) If any Fund fails to settle any trade of Shares (a “settlement failure”) transacted over the FundServ network, the Trust or the Adviser shall, prior to one hour before the