Common use of Performance Standard Exceptions Clause in Contracts

Performance Standard Exceptions. In determining the Administrator’s conformance with the Service Level Standards set forth herein, the Administrator shall be excused from its failure to achieve any Service Level Standard if such failure is caused by any of the following: (i) the Administrator does not receive, after proper and timely request, if applicable, proper and timely reporting from the Adviser, the custodian, transfer agent, pricing agent or other intermediary whose information is integral to the Administrator’s deliverables; (ii) the Administrator does not receive, after timely request, timely approvals and confirmations from the Trust and/or the Adviser, as required in connection with the Service Level Standards; or (iii) performance within the stated Service Level Standard is adversely affected by a change in the standards of a third party processing agent outside of the control of the Administrator or upon the occurrence of one or more circumstances or events of force majeure or equipment failure, as described in Article X of the Agreement. An event shall not be considered a Deficient Event to the extent that the Administrator’s errors or delays are caused by any of the exceptions set forth above or other circumstances outside the reasonable control of the Administrator, including, without limitation, any changes or updates not previously requested by the Trust during month-end processing. Such events shall not be included in the total number of Deficient Events for purposes of calculating the Quarterly Performance Rating during any quarter, but shall be considered as a Function.

Performance Standard Exceptions. In determining the Administrator’s conformance with the Service Level Standards set forth herein, the Administrator shall be excused from its failure to achieve any Service Level Standard if such failure is caused by any of the following: (i) the Administrator does not receive, after proper and timely request, if applicable, proper and timely reporting from the Adviser, the custodian, transfer agent, pricing agent or other intermediary whose information is integral to the Administrator’s deliverables; (ii) the Administrator does not receive, after timely request, timely approvals and confirmations from the Trust and/or the Adviser, as required in connection with the Service Level Standards; or (iii) performance within the stated Service Level Standard is adversely affected by a change in the standards of a third party processing agent outside of the control of the Administrator or upon the occurrence of one or more circumstances or events of force majeure or equipment failure, as described in Article X of the Agreement. An event shall not be considered a Deficient Event to the extent that the Administrator’s errors or delays are caused by any of the exceptions set forth above or other circumstances outside the reasonable control of the Administrator, including, without limitation, any changes or updates not previously requested by the Trust during month-end processing. Such events shall not be included in the total number of Deficient Events for purposes of calculating the Quarterly Performance Rating during any quarter, quarter but shall be considered as a Function.