Processing Distributions Clause Samples
The "Processing Distributions" clause defines how payments or distributions are handled and processed under the agreement. It typically outlines the procedures for calculating, timing, and delivering distributions to the relevant parties, and may specify the roles of any intermediaries or agents involved in the process. For example, it might detail how funds are allocated among beneficiaries or how deductions for fees and taxes are managed before final distribution. The core function of this clause is to ensure that all parties understand the mechanics and timing of distributions, thereby reducing confusion and disputes over payment handling.
Processing Distributions. Prepare and, subject to receipt of good funds therefore from the custodian for the applicable Fund, transmit to Shareholders (or credit the appropriate Shareholder accounts) payments for all distributions declared by the Trust with respect to Shares of a Fund.
Processing Distributions. Prepare and, subject to receipt of good funds therefor from the custodian for the applicable Fund, transmit to Shareholders (or credit the appropriate Shareholder accounts) payments for all distributions declared by the Client with respect to Shares of a Fund.
4.1 ANTI-MONEY LAUNDERING ("AML") MATTERS ("AML SERVICES") The Client delegates to Citigroup the performance of the services set forth below (the "AML Services") with respect to shareholder accounts maintained by Citigroup pursuant to the Agreement; and subject to the terms and conditions of the Agreement, Citigroup accepts this delegation and agrees to perform the AML Services in accordance with the Client's and Citigroup's AML program. Notwithstanding this delegation, the Client shall maintain full responsibility for ensuring that its AML program is and continues to be reasonably designed to ensure compliance with the applicable AML laws.
(a) Verify shareholder identity upon opening new accounts in accordance with Section 326 of the USA PATRIOT Act (the "PATRIOT ACT") and any regulations thereunder, as required under applicable law;
(b) Monitor shareholder transactions and identify and report suspicious activities that are required to be so identified and reported, in each case consistent with the AML programs of the Client and Citigroup;
(c) Submit all accounts through the Office of Foreign Asset Control ("OFAC") database and FinCEN's Control List;
(d) Follow the Client's third party check policies; provided, however, that under no circumstance will Citigroup accept a corporate third party check;
(e) Place holds on transactions in shareholder accounts or freeze assets in shareholder accounts, as provided in the AML programs of the Client and Citigroup and in accordance with the Patriot Act and OFAC; and
(f) Maintain policies, procedures and internal controls that are consistent with the Client's AML program C-3 (Transfer Agency)
Processing Distributions. The Bank shall work in conjunction with the Fund and its tax advisors to verify the amounts due to be distributed to the shareholders of the Fund in accordance with the Byelaws. Upon receipt of Proper Instructions indicating (i) that a distribution is due to be paid to the shareholders and (ii) the amount to be paid to each such shareholder, the Bank shall make such payment in accordance with such Proper Instructions and the provisions of the Byelaws.
Processing Distributions. Prepare and, subject to receipt of good funds therefor from the custodian for the applicable Fund, transmit to Shareholders (or credit the appropriate Shareholder accounts) payments for all distributions declared by the Client with respect to Shares of a Fund.
4.1 ANTI-MONEY LAUNDERING ("AML") MATTERS ("AML SERVICES")
(a) Verify shareholder identity upon opening new accounts in accordance with Section 326 of the USA PATRIOT Act (the "Patriot Act") and any regulations thereunder, as required under applicable law;
(b) Monitor shareholder transactions and identify and report suspicious activities that are required to be so identified and reported, in each case consistent with the AML programs of the Client and Forum;
(c) Submit all financial transactions through the Office of Foreign Asset Control ("OFAC") database and FinCEN's Control List;
(d) Follow the Client's third party check policies; provided, however, that under no circumstance will Forum accept a corporate third party check;
(e) Place holds on transactions in shareholder accounts or freeze assets in shareholder accounts, as provided in the AML programs of the Client and Forum and in accordance with the Patriot Act and OFAC; and
(f) Maintain policies, procedures and internal controls that are consistent with the Client's AML program
Processing Distributions. Distributions from the Plan will be processed on a Settlement Date as soon as administratively practicable (in accordance with such rules and procedures as may be established by the Plan Administrator or the Administrator) after the Participant, his Beneficiary, or Alternate Payee, as the case may be, files his request for benefits with the Administrator, provided that the date to process the distribution shall be no earlier than such Settlement Date which follows the deposit of contributions for the Participant’s final paycheck in the Trust. The amount of a distribution to a Participant, Beneficiary or Alternate Payee shall be based upon the value of the Participant’s Accounts as of the Settlement Date on which the distribution is processed and distributions shall be made as soon as administratively practicable after such Settlement Date in accordance with such rules and procedures as may be established by the Plan Administrator or the Administrator.
Processing Distributions. The Bank shall work in conjunction with the Trust and its tax advisor to verify the amounts due to be distributed to the Holders of the Trust in accordance with the Declaration of Trust. Upon receipt of Proper Instructions indicating (i) that a distribution is due to be paid to the Holders and (ii) the amount to be paid to each such Holder, the Bank shall make such payment in accordance with such Proper instructions and the provisions of the Declaration of Trust.
Processing Distributions. The Agent shall work in conjunction with each Master Portfolio and its tax advisors to verify the amounts due to be distributed to the Holders of the Master Portfolio in accordance with the Master Portfolio’s formation documents. Upon receipt of Proper Instructions indicating (i) that a distribution is due to be paid to the Holders and (ii) the amount to be paid to each such Holder, the Agent shall make such payment in accordance with such Proper Instructions and the provisions of the relevant Master Portfolio’s documentation.
Processing Distributions. Prepare and, subject to receipt of good funds therefore from the custodian for the applicable Fund, transmit to Shareholders (or credit the appropriate Shareholder accounts) payments for all distributions declared by the Client with respect to Shares of a Fund.
4.1 Anti-Money Laundering ("AML") Matters ("AML Services")
(a) Verify shareholder identity upon opening new accounts in accordance with Section 326 of the USA PATRIOT Act (the "Patriot Act") and any regulations thereunder, as required under applicable law;
(b) Monitor shareholder transactions and identify and report suspicious activities that are required to be so identified and reported, in each case consistent with the AML programs of the Client and Forum;
(c) Submit all financial transactions through the Office of Foreign Asset Control ("OFAC") database and FinCEN's Control List;
(d) Follow the Client's third party check policies; provided, however, that under no circumstance will Forum accept a corporate third party check;
(e) Place holds on transactions in shareholder accounts or freeze assets in shareholder accounts, as provided in the AML programs of the Client and Forum and in accordance with the Patriot Act and OFAC; and
(f) Maintain policies, procedures and internal controls that are consistent with the Client's AML program
4.2 Notes and Conditions to AML Services
(a) The Client authorizes Forum to take such actions in the performance of the AML Services as Forum deems appropriate and consistent with the Client's AML program and applicable AML Laws.
(b) Forum agrees to furnish the Client its written program concerning anti-money laundering services rendered by Forum to its various clients. Forum agrees to notify the Client of any change to its anti-money laundering program that would materially impact the Client's AML Program.
Processing Distributions. Prepare and, subject to receipt of good funds therefore from the custodian for the applicable Fund, transmit to Shareholders (or credit the appropriate Shareholder accounts) payments for all distributions declared by the Client with respect to Shares of a Fund.
4.1 Anti-Money Laundering ("AML") Matters ("AML Services")
(a) Verify shareholder identity upon opening new accounts in accordance with Section 326 of the USA PATRIOT Act (the "Patriot Act") and any regulations thereunder, as required under applicable law;
(b) Monitor shareholder transactions and identify and report suspicious activities that are required to be so identified and reported, in each case consistent with the AML programs of the Client and Forum;
(c) Submit all financial transactions through the Office of Foreign Asset Control ("OFAC") database and FinCEN's Control List;
(d) Follow the Client's third party check policies; provided, however, that under no circumstance will Forum accept a corporate third party check;
(e) Place holds on transactions in shareholder accounts or freeze assets in shareholder accounts, as provided in the AML programs of the Client and Forum and in accordance with the Patriot Act and OFAC; and
(f) Maintain policies, procedures and internal controls that are consistent with the Client's AML program
4.2 Notes and Conditions to AML Services
(a) The Client authorizes Forum to take such actions in the performance of the AML Services as Forum deems appropriate and consistent with the Client's AML program and applicable AML Laws.
(b) Forum agrees to furnish the Client its written program concerning anti-money laundering services rendered by Forum to its various clients. Forum agrees to notify the Client of any change to its anti-money laundering program that would materially impact the Client's AML Program.