Common use of Sweep or Automated Cash Management Clause in Contracts

Sweep or Automated Cash Management. Upon receipt of Instructions, the Custodian shall invest any otherwise uninvested cash of any Fund held by the Custodian in a money market mutual fund, a cash deposit product, or other cash investment vehicle made available by the Custodian from time to time (each, a “Sweep Vehicle”), in accordance with the directions contained in such Instructions. If no such Instruction has been received by the Custodian, the Custodian shall invest uninvested cash of each Fund in the Sweep Vehicle(s) previously chosen by the applicable Fund. A fee may be charged or a spread may be received by the Custodian for investing the Fund’s otherwise uninvested cash in the available Sweep Vehicles. The Custodian shall have no responsibility to determine whether any purchases of a Sweep Vehicle by or on behalf of the Funds under the terms of this section will cause any Fund to exceed the limitations contained in the 1940 Act on ownership of shares of another registered investment company or any other asset or portfolio restrictions or limitations contained in applicable laws or regulations or the Funds’ prospectus. Each Fund agrees to indemnify and hold harmless the Custodian from all losses, damages and expenses (including attorney’s fees) suffered or incurred by the Custodian as a result of a violation by such Fund of the limitations on ownership of shares of another registered investment company or any other Sweep Vehicle.

Appears in 1 contract

Samples: Custody Agreement (Lee Financial Mutual Fund, Inc.)

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Sweep or Automated Cash Management. Upon receipt of Instructions, the Custodian shall invest any otherwise uninvested cash of any Fund held by the Custodian in a money market mutual fund, a cash deposit product, or other cash investment vehicle made available by the Custodian from time to time (each, a “Sweep Vehicle”)time, in accordance with the directions contained in such Instructions. If no such Instruction has been received by the Custodian, the Custodian shall invest uninvested cash of each Fund in the Sweep Vehicle(s) previously chosen by the applicable Fund. A fee may be charged or a spread may be received by the Custodian for investing the Fund’s otherwise uninvested cash in the available Sweep Vehiclescash investment vehicles or products. The Custodian shall have no responsibility to determine whether any purchases of a Sweep Vehicle money market mutual fund shares or any other cash investment vehicle or cash deposit product by or on behalf of the Funds under the terms of this section will cause any Fund to exceed the limitations contained in the 1940 Act on ownership of shares of another registered investment company or any other asset or portfolio restrictions or limitations contained in applicable laws or regulations or the Funds’ Fund’s prospectus. Each Provided the Custodian acted in accordance with the general standard of care set forth in Section 6(a) hereof in the execution of such Instructions, each Fund agrees to indemnify and hold harmless the Custodian from all losses, damages and expenses (including reasonable attorney’s fees) suffered or incurred by the Custodian as a result of a violation by such Fund of the limitations on ownership of shares of another registered investment company or any other Sweep Vehiclecash investment vehicle or cash deposit product.

Appears in 1 contract

Samples: Custody Agreement (Ares Private Markets Fund)

Sweep or Automated Cash Management. Upon receipt of Instructions, the Custodian shall invest any otherwise uninvested cash of any Fund held by the Custodian in a money market mutual fund, a cash deposit product, or other cash investment vehicle made available by the Custodian from time to time (each, a “Sweep Vehicle”)time, in accordance with the directions contained in such Instructions. If no such Instruction has been received by the Custodian, the Custodian shall invest uninvested cash of each Fund in the Sweep Vehicle(s) previously chosen by the applicable Fund. A fee may be charged or a spread may be received by the Custodian for investing the Fund’s otherwise uninvested cash in the available Sweep Vehiclescash investment vehicles or products. The Custodian shall have no responsibility to determine whether any purchases of a Sweep Vehicle money market mutual fund shares or any other cash investment vehicle or cash deposit product by or on behalf of the Funds Fund under the terms of this section will cause any Fund to exceed the limitations contained in the 1940 Act on ownership of shares of another registered investment company or any other asset or portfolio restrictions or limitations contained in applicable laws or regulations or the Funds’ prospectusFund’s prospectus or organizational documents. Each Provided the Custodian acted in accordance with the general standard of care set forth in Section 6(a) hereof, the Fund agrees to indemnify and hold harmless the Custodian from all losses, damages and expenses (including reasonable attorney’s fees) suffered or incurred by the Custodian as a result of a violation by such the Fund of the limitations on ownership of shares of another registered investment company or any other Sweep Vehiclecash investment vehicle or cash deposit product.

Appears in 1 contract

Samples: Custody Agreement (NB Crossroads Private Markets Access Fund LLC)

Sweep or Automated Cash Management. Upon receipt of Instructions, the Custodian shall invest any otherwise uninvested cash of any the Fund held by the Custodian in a money market mutual fund, a cash deposit product, or other cash investment vehicle made available by the Custodian from time to time (each, a “Sweep Vehicle”), in accordance with the directions contained in such Instructions. If no such Instruction has been received by the Custodian, the Custodian shall invest uninvested cash of each Fund in the Sweep Vehicle(s) previously chosen by the applicable Fund. A fee may be charged or a spread may be received by the Custodian for investing the Fund’s otherwise uninvested cash in the available Sweep Vehicles. The Custodian shall have no responsibility to determine whether any purchases of a Sweep Vehicle by or on behalf of the Funds Fund under the terms of this section will cause any the Fund to exceed the any limitations contained in the 1940 Act on ownership of shares of another registered investment company or any other asset or portfolio restrictions or limitations contained in applicable laws or regulations or the Funds’ prospectusFund’s Prospectus. Each The Fund agrees to indemnify and hold harmless the Custodian from all losses, damages and expenses (including attorney’s fees) suffered or incurred by the Custodian as a result of a violation by such the Fund of the any limitations on ownership of shares of another registered investment company fund or any other Sweep Vehicle.

Appears in 1 contract

Samples: Custody Agreement (Cresset Private Markets Opportunity Fund)

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Sweep or Automated Cash Management. Upon receipt of Instructions, the Custodian shall invest any otherwise uninvested cash of any the Fund held by the Custodian in a money market mutual fund, a cash deposit product, or other cash investment vehicle made available by the Custodian from time to time (each, a “Sweep Vehicle”)time, in accordance with the directions contained in such Instructions. If no such Instruction has been received by the Custodian, the Custodian shall invest uninvested cash of each Fund in the Sweep Vehicle(s) previously chosen by the applicable Fund. A fee may be charged or a spread may be received by the Custodian for investing the Fund’s otherwise uninvested cash in the available Sweep Vehiclescash investment vehicles or products. The Custodian shall have no responsibility to determine whether any purchases of a Sweep Vehicle money market mutual fund shares or any other cash investment vehicle or cash deposit product by or on behalf of the Funds Fund under the terms of this section will cause any the Fund to exceed the limitations contained in the 1940 Act on ownership of shares of another registered investment company or any other asset or portfolio restrictions or limitations contained in applicable laws or regulations or the Funds’ Fund’s prospectus. Each Provided the Custodian acted in accordance with the general standard of care set forth in Section 6(a) hereof in the execution of such Instructions, the Fund agrees to indemnify and hold harmless the Custodian from all losses, damages and expenses (including reasonable attorney’s fees) suffered or incurred by the Custodian as a result of a violation by such the Fund of the limitations on ownership of shares of another registered investment company or any other Sweep Vehiclecash investment vehicle or cash deposit product.

Appears in 1 contract

Samples: Custody Agreement (Monachil Credit Income Fund)

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