Automated Systems definition
Examples of Automated Systems in a sentence
The Customer understands that the use of Automated Systems entails risks, such as interruption or delays of service, errors or omissions in the information provided, system failure and errors in the design or functioning of such Automated Systems (collectively, a “System Failure”) that could cause substantial damage, expense, or liability to the Customer.
If any party is unable to access the Automated Systems, such party shall use its best efforts to promptly notify the other party via telephone and/or facsimile.
If both parties are able to access the Automated Systems, daily settlement will occur in accordance with the rules and regulations of the NSCC as may be amended from time to time.
In cases where there is a failure to use the Automated Systems, Distributor or its designee shall provide to the Company, or cause to be provided to the Company, a daily confirmation of each transaction in each "master" or "omnibus" account and a monthly statement with respect to each such account as described in each Fund's prospectus.
I understand that the use of Automated Systems entails risks, such as interruption or delays of service, errors or omissions in the information provided, system failure and errors in the design or functioning of such Automated Systems (collectively, a “System Failure”) that could cause substantial damage, expense, or liability to Me. I understand and agree that Indemnified Parties will have no liability whatsoever for any of My Losses arising out of or relating to a System Failure.
In cases where there is a failure to use the Automated Systems, Distributor or its designee shall provide to the Company, or cause to be provided to the Company, notice of dividend declarations, annual meetings and other corporate actions.
If the Company is unable to access the Automated Systems, the Company will be able to place trades the following Business Day on an "as of" basis in a report described in Section 11.3 below.
The Company shall transmit this report to Distributor or its designee on each Business Day that there was a failure of the Automated Systems, including Business Days on which there was no purchase, transfer, or redemption activity.
In cases where there is a failure of the Automated Systems, the Company shall transmit to Distributor or its designee by 8:30 a.m. EST a report containing all orders (dollar amounts) received by the Company on behalf of each "omnibus" account for each Fund, by facsimile or such other means mutually agreed upon by the parties.
If a party is unable to access the Automated Systems, by 1:00 p.m. EST on each Business Day on which the Company shall have transmitted a net redemption order, Distributor or its designee will wire transfer, or cause to be wired transferred, by Federal Funds wire to the Company the proceeds of the net redemption order for each Fund as appropriate.