Common use of Error Correction Clause in Contracts

Error Correction. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by Xxx. The Custodian will have no duty to notify or account to the Client for any Loss or gain associated with an error it has fully remediated.

Appears in 6 contracts

Samples: Custody Agreement (Cohen & Steers ETF Trust), Custody Agreement (Lord Abbett Private Credit Fund), Custody Agreement (Northern Lights Fund Trust IV)

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Error Correction. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by XxxLxx. The Custodian will have no duty to notify or account to the Client for any Loss or gain associated with an error it has fully remediated.

Appears in 4 contracts

Samples: Custody Agreement (TCW ETF Trust), Custody Agreement (TCW ETF Trust), Custody Agreement (Cascade Private Capital Fund)

Error Correction. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by XxxLaw. The Custodian will have no duty to notify or account to the Client for any Loss or gain associated with an error it has fully remediated.

Appears in 3 contracts

Samples: Custody Agreement (Golub Capital Direct Lending Unlevered LLC), Custody Agreement (Apollo Debt Solutions BDC), Custody Agreement (Hercules Capital, Inc.)

Error Correction. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by Xxx. The Custodian will have no duty to notify or account to the Client for any Loss or gain associated with an error it has fully remediated.

Appears in 2 contracts

Samples: Custody Agreement (PGIM Private Credit Fund), Custody Agreement (TCW Private Asset Income Fund)

Error Correction. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains limited to those which accrue to the Custodian arising from its errors or related remedial actions taken by the Custodian unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by Xxx. The Custodian will have no duty to notify or account to the Client for any Loss or gain associated with an error it has fully remediated.

Appears in 2 contracts

Samples: Custody Agreement (Apollo S3 Private Markets Fund), Custody Agreement (JPMorgan Private Markets Fund)

Error Correction. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses Information Classification: Limited Access when permitted by XxxLaw. The Custodian will have no duty to notify or account to the Client for any Loss or gain associated with an error it has fully remediated.

Appears in 1 contract

Samples: Custody Agreement (Apollo Debt Solutions BDC)

Error Correction. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by Xxx. The Custodian will have no duty use commercially reasonable efforts to notify or account to the Client for any Loss or gain associated with an error it has fully remediated.

Appears in 1 contract

Samples: Custody Agreement (Vista Credit Strategic Lending Corp.)

Error Correction. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s assets, where and to the extent reasonably Information Classification: Limited Access necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by Xxx. The Custodian will have no duty use commercially reasonable efforts to notify the Client of, or account to the Client for for, any Loss or gain that has accrued to the Client associated with an error it has fully remediatedany error.

Appears in 1 contract

Samples: Custody Agreement (Pershing Square USA, Ltd.)

Error Correction. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions actions, unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted unless otherwise prohibited by XxxLaw. The Custodian will have no duty to notify or and account to the Client for any Loss or gain associated with an error it has fully remediatedof the Custodian.

Appears in 1 contract

Samples: Custody Agreement (Texas Capital Funds Trust)

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Error Correction. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s 's assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had Information Classification: Limited Access the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by XxxLaw. The Custodian will have no duty to notify or account to the Client for any Loss or gain associated with an error it has fully remediated.

Appears in 1 contract

Samples: Custody Agreement (Northern Lights Fund Trust Iii)

Error Correction. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers is commercially appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by XxxLxx. The Custodian will have no duty to notify or account to the Client for any Loss or gain associated with an error it has fully remediated.

Appears in 1 contract

Samples: Custody Agreement (Andalusian Credit Company, LLC)

Error Correction. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by XxxLxx. The Custodian will have no duty to shall notify or account to the Client for within a reasonable time of any material Loss or gain associated with an error it has fully remediated.

Appears in 1 contract

Samples: Custody Agreement (Wellington Global Multi-Strategy Fund)

Error Correction. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by XxxLaw. The Custodian will have Information Classification: Limited Access 11 GCA.US40ACT.20210617 no duty to notify or account to the Client for any Loss or gain associated with an error it has fully remediated.

Appears in 1 contract

Samples: Custody Agreement (PIMCO Capital Solutions BDC Corp.)

Error Correction. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by Xxx. The Custodian will have no duty to shall notify or account to the Client within a reasonable time for any material Loss or gain associated with an a material error it has fully remediated.

Appears in 1 contract

Samples: Custody Agreement (AGL Private Credit Income Fund LP)

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