Common use of Fund/SERV Transactions Clause in Contracts

Fund/SERV Transactions. The parties acknowledge that Insurance Company is not currently using the Fund/SERV system, but intends to begin using that system as soon as Insurance Company deems feasible in its sole discretion. Once Insurance Company begins using the Fund/SERV system, the parties will ordinarily use the Fund/SERV system, and if used, the following provisions shall apply: (i) Without limiting the generality of the following provisions of this section, the Insurance Company and Transfer Agent each will perform any and all duties, functions, procedures and responsibilities assigned to it and as otherwise established by the NSCC applicable to Fund/SERV and the Networking Matrix Level utilized. (ii) Any information transmitted through Networking by any party to the other and pursuant to this Agreement will be accurate, complete, and in the format prescribed by the NSCC. Each party will adopt, implement and maintain procedures reasonably designed to ensure the accuracy of all transmissions through Networking and to limit the access to, and the inputting of data into, Networking to persons specifically authorized by such party.

Fund/SERV Transactions. It is understood that all or portions of the order process may be handled by Insurance Company’s subcontractor. The parties acknowledge that Insurance Company is not currently using the Fund/SERV system, but intends to begin using that system as soon as Insurance Company deems feasible in its sole discretion. Once Insurance Company begins using the Fund/SERV system, the parties will ordinarily use the Fund/SERV system, and if used, the following provisions shall apply: (i) The Insurance Company and Transfer Agent will be bound by the terms of the Fund/SERV Agreement filed by each with the NSCC. Without limiting the generality of the following provisions of this section, the Insurance Company and Transfer Agent each will perform any and all duties, functions, procedures and responsibilities assigned to it and as otherwise established by the NSCC applicable to Fund/SERV and the Networking Matrix Level utilized. (ii) Any information transmitted through Networking by any party to the other and pursuant to this Agreement will be accurate, complete, and in the format prescribed by the NSCC. Each party will adopt, implement and maintain procedures reasonably designed to ensure the accuracy of all transmissions through Networking and to limit the access to, and the inputting of data into, Networking to persons specifically authorized by such party.