Pricing Errors. In the event that an error in the calculation of the net asset value (“NAV”) of, as applicable, a Fund or a class of shares of a Fund, equals or exceeds $.005 per outstanding share on any business day, the Fund’s accounting service provider (“Fund Accounting”) will be responsible for notifying PNC and the Fund. In addition, Fund Accounting will promptly book the appropriate payable/receivable entry in order to “keep the Fund whole.” The Fund will recalculate the impacted NAV and PNC shall re-process the affected shareholder transactions based on the revised NAV upon receiving, and strictly in accordance with, appropriate Written Instructions. The Fund shall be responsible for the cost of reprocessing purchases and redemptions as a result of the pricing error except to the extent such pricing error was the result of an error or omission by PNC in performing the Services contemplated in this Agreement. The first two sentences of this section have been provided for purposes of clarification only and shall not be interpreted to impose any duty, obligation or liability of any nature on PNC under this Agreement.
Appears in 20 contracts
Sources: Transfer Agency Services Agreement (Ing Funds Trust), Transfer Agency Services Agreement (Ing Senior Income Fund), Transfer Agency Services Agreement (Ing Equity Trust)
Pricing Errors. In the event that an error in the calculation of the net asset value (“"NAV”") of, as applicable, a Fund or a class of shares of a Fund, equals or exceeds $.005 per outstanding share on any business day, the Fund’s 's accounting service provider (“"Fund Accounting”") will be responsible for notifying PNC and the Fund. In addition, Fund Accounting will promptly book the appropriate payable/receivable entry in order to “"keep the Fund whole.” " The Fund will recalculate the impacted NAV and PNC shall re-process the affected shareholder transactions based on the revised NAV upon receiving, and strictly in accordance with, appropriate Written Instructions. The Fund shall be responsible for the cost of reprocessing purchases and redemptions as a result of the pricing error except to the extent such pricing error was the result of an error or omission by PNC in performing the Services contemplated in this Agreement. The first two sentences of this section have been provided for purposes of clarification only and shall not be interpreted to impose any duty, obligation or liability of any nature on PNC under this Agreement.
Appears in 1 contract
Sources: Transfer Agency Services Agreement (Voya Enhanced Securitized Income Fund)