Examples of NSCC FundSERV in a sentence
Service Provider will submit purchase, exchange, redemption or repurchase orders (an “Order”) for Shares of a Fund to BNYMSC via NSCC Fund/SERV, Defined Contribution Clearance & Settlement (“DCC&S”) and Networking systems in accordance with their standard processing procedures and Orders shall be placed and settlement shall be made at the time and in the manner provided in the rules and procedures relating to Fund/Serv, DCC&S and Networking.
Service Provider will submit purchase, exchange or redemption orders (an “Order”) for Shares of a Fund to MBSC via NSCC Fund/SERV, Defined Contribution Clearance & Settlement (“DCC&S”) and Networking systems in accordance with their standard processing procedures and Orders shall be placed and settlement shall be made at the time and in the manner provided in the rules and procedures relating to Fund/Serv, DCC&S and Networking.
If Company executes and settles transactions through the NSCC Fund/SERV system, operating procedures are set forth in the Fund/SERV Agreement or the Fund/SERV & Networking Agreement.
The parties will ordinarily use the NSCC Fund/SERV system and will follow the applicable operating procedures of the NSCC Defined Contribution Clearance & Settlement (DCC&S) Cycle 8 (generally, 6:30 a.m. Eastern Time) as the preferred method of processing the transactions described herein.
If the NSCC Fund/SERV system is used, the following provisions will apply: (i) On each Business Day, the Company shall communicate by Fund/SERV, the aggregate purchase or redemption orders (if any) of Portfolio shares, based on Instructions received for each Account by the prior Business Day’s Market Close, by no later than NSCC DCC&S Cycle 8 or such other time as may be agreed upon by the parties from time to time as described above.
The Fund does not accept trades through the NSCC Fund/SERV or DCC&S trading platforms.
For purposes of this Section 1.1, and for purposes of Rule 22c-1 under the 1940 Act, the Company shall be the designee of the Fund and the Underwriter for receipt of such purchase orders from each Account and receipt by such designee shall constitute receipt by the Fund; provided that such purchase orders are received and transmitted (manual or NSCC Fund/SERV) in accordance with the Operating Procedures attached hereto as Schedule D (the “Operating Procedures”).
Orders derived from Instructions received by Broker/Dealer prior to the Close of Trading on any Business Day (“Day 1”) shall be transmitted by Broker/Dealer via the NSCC Fund/SERV system for receipt by the Distributor by 5:00 a.m. Eastern Time on the next Business Day (“Day 2”) (such orders are referred to herein as “Day 1 Trades”).
Such indemnification applies only to transactions executed and settled as wire orders from information transmitted via NSCC Fund/SERV.
Fees for NSCC Fund/SERV processing will also pass through and be invoiced to the RIA as incurred by ACC.