NSCC FundSERV definition
Examples of NSCC FundSERV in a sentence
Notwithstanding any provision of this Agreement to the contrary, for purchase and redemption instructions with respect to any Shares, Company and the Fund will settle the purchase and redemption transactions referred to herein, via the NSCC Fund/SERV platform settlement process on the next Business Day following the effective trade date.
Upon receipt of federal funds transmitted via the NSCC Fund/SERV DCC&S platform, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
Payment for Shares shall be made in federal funds transmitted to the Fund via the NSCC Fund/SERV DCC&S platform to be received by the Fund by 6:30 p.m. Eastern Time on the day the Fund is notified of the purchase request for Shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account).
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.
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”).
Transfer Agent may, in its sole discretion, accept instructions from you in connection with redemptions, exchanges, trade corrections, wire order purchases, and account maintenance requests (“Instructions”) for any account for which you are the Broker/Dealer of Record upon receipt from you of Instructions through NSCC Fund/SERV, e-mail, or facsimile in such form as Transfer Agent requires without receiving a copy of the written instructions signed by your duly authorized officer or the affected customer.