Correspondent Relationships Sample Clauses
The Correspondent Relationships clause defines the terms under which two financial institutions establish and maintain a business relationship to provide services on each other's behalf. Typically, this involves one bank (the correspondent) holding deposits, processing payments, or facilitating transactions for another bank, often across different jurisdictions. This clause ensures clear expectations regarding responsibilities, compliance with regulations, and the handling of funds, thereby reducing operational risks and promoting efficient cross-border banking operations.
Correspondent Relationships. If You maintain relationships with unaffiliated introducing broker/ dealers or unaffiliated broker/ dealers who clear through You (“Correspondent” or “Correspondents”), You:
(i) acknowledge that certain of Your Correspondents have not entered into a Dealer Agreement or a Shareholder Services Agreement with LMIS and;
(ii) represent and warrant that Your contract with each Correspondent requires each Correspondent to comply with applicable law, including but not limited to anti-money laundering, the Fund’s registration statement, the Fund’s polices against late trading and market timing, and with the terms of the Agreement and this Amendment and;
(iii) represent and warrant that You maintain a due diligence process in evaluating and monitoring each Correspondent’s compliance procedures, including procedures to comply with applicable law, including but not limited to anti-money laundering, the Fund’s registration statement, the Fund’s polices against late trading, and with the terms of the Agreement and this Amendment and;
(iv) represent that that You will indemnify and hold harmless the Fund, LMIS, and each officer, employee, affiliate and agent of LMIS from and against any and all claims, demands, actions, losses, damages, liabilities, or costs, charges, counsel fees, and expenses of any nature arising out of any act or omission by a Correspondent in violation of applicable law, including but not limited to anti-money laundering the Fund’s registration statement, the Fund’s polices against late trading and market timing, and with the terms of the Agreement and this Amendment to the same extent as if You had committed such act or omission.
Correspondent Relationships. During the five (5) year period following the Closing Date, Parent agrees to use its best efforts to cause the Company to maintain correspondent clearing relationships with not less than two (2) prominent "wall street" clearing firms, such firms to be reasonably acceptable to the Company Stockholders.
Correspondent Relationships. If you maintain relationships with unaffiliated introducing brokers or dealers or unaffiliated brokers or dealers who clear through you (collectively, “Correspondents”), you:
(a) acknowledge that certain Correspondents have not entered into a fund selling agreement or other applicable agreement with us;
(b) represent and warrant that your contract with each Correspondent requires each Correspondent to comply with all applicable laws, rules, and regulations, including, but not limited to, all applicable anti-money laundering laws, rules, and regulations; each Fund’s registration statement and Prospectus; each Fund’s policies against late trading and market timing; and the terms of this Agreement;
(c) represent and warrant that you maintain a reasonable due diligence process through which you regularly and periodically evaluate and monitor each Correspondent’s compliance procedures, including, but not limited to, their procedures designed to ensure compliance with all applicable laws, rules, and regulations, including, but not limited to, all applicable anti-money laundering laws, rules, and regulations; each Fund’s registration statement and Prospectus; each Fund’s polices against late trading and market timing; and the terms of this Agreement; and
(d) agree to indemnify and hold harmless each Fund, us, and our respective officers, directors, trustees, employees, affiliates, and agents from and against any and all Losses arising out of any act or omission by a Correspondent in violation of any applicable laws, rules, or regulations, including, but not limited to, any applicable anti-money laundering laws, rules, or regulations; any Fund’s registration statement or Prospectus; any Fund’s polices against late trading and market timing; or the terms of this Agreement, in each case to the same extent as if you had committed such act or omission.