Fund/SERV Eligible Unit Servicing Agent Clause Samples
The 'Fund/SERV Eligible Unit Servicing Agent' clause defines the designation of an agent responsible for processing transactions in investment fund units through the Fund/SERV system. This clause typically specifies that the servicing agent must be authorized and capable of handling orders, settlements, and recordkeeping for fund units using the Fund/SERV platform, which is a standardized system for mutual fund transaction processing. By establishing eligibility and operational requirements for the servicing agent, the clause ensures efficient, accurate, and industry-compliant handling of fund transactions, thereby reducing operational risk and streamlining back-office processes.
Fund/SERV Eligible Unit Servicing Agent. (a) The Fund/SERV Eligible Unit Servicing Agent shall perform all of the duties with respect to recordkeeping of Fund/SERV Eligible Units and Fund/SERV Eligible Unit holders, distributions, redemption of Fund/SERV Eligible Units and communications to and with Fund/SERV Eligible Unit holders listed below.
Fund/SERV Eligible Unit Servicing Agent. (a) The Fund/SERV Eligible Unit Servicing Agent shall perform all of the duties with respect to recordkeeping of Fund/SERV Units and Fund/Serv Unit holders, distributions, redemption of Fund/SERV Units and communications to and with Fund/SERV Unit holders listed below.
(1) The Fund/SERV Eligible Unit Servicing Agent shall keep proper books of record and account of all of the transactions in the Fund/SERV Units of each Trust under this Indenture at its corporate office, including a record of the name and address of, and the Fund/SERV Units issued by each Trust and held by, every Fund/SERV Unit holder, and such books and records of each Trust shall be made available to the Trustee and the Depositor promptly upon request and open to inspection by any Fund/SERV Unit holder of such Trust, with respect to such Fund/SERV Unit holders transactions, at all reasonable times during usual business hours. Without limiting the foregoing, the Fund/SERV Eligible Unit Servicing Agent shall make any records or documents described in Reg. 270.31(a)-1 under the Investment Company Act of 1940 available promptly to the Trustee and the Depositor upon request during usual business hours and will preserve such records and documents for the periods prescribed in Reg. 270.31
(a) 2 thereunder.
(2) The Fund/SERV Eligible Unit Servicing Agent shall distribute on or shortly after the Distribution Dates specified in the Trust Agreement to each Fund/SERV Unit holder of record on its books on the Record Date for each such Distribution Date specified in the Trust Agreement such Fund/SERV Unit holder's distribution as computed under the Standard Terms and Conditions of Trust.
(3) In connection with such distributions set forth above, the Fund/SERV Eligible Unit Servicing Agent shall furnish a Distribution Statement to Fund/SERV Unit holders of record on its books. The content and frequency of such Distribution Statements shall in no respect be less detailed or frequent than that specified in Section 3.06 of the Standard Terms and Conditions of Trust.