After BNYM Clause Samples
After BNYM. TI has received a copy of a Repurchase Offer Notice (as defined in Section 5), BNYM-TI shall, with respect to Repurchase Orders it receives during a relevant Repurchase Offer Period, review each Repurchase Order and exercise reasonable care to determine in accordance with the I-Fund Procedures whether the Repurchase Order constitutes a "Conforming Repurchase Order", which is hereby defined to mean a Repurchase Order with respect to which all the following criteria are satisfied, or a "Non-Conforming Repurchase Order", which is hereby defined to mean a Repurchase Order with respect to which one or more of the following criteria are not satisfied:
(a) A Repurchase Order must comply with any applicable requirements of the I-Fund Procedures and the Repurchase Offer Notice, must be tendered in proper form and must contain all information and consist of all documentation as BNYM-TI may reasonably determine necessary or appropriate.
(b) All required or permitted endorsements and signatures must in BNYM-TI's reasonable judgment be valid and genuine; the requested repurchase must in BNYM-TI's reasonable judgment be legally authorized, and in BNYM-TI's reasonable judgment (I) no evidence of any nature whatsoever, whether credible or not credible, exists with respect to a claim adverse to such requested repurchase or the rights of the shareholder to submit a repurchase request, regardless of the merits of the claim; and (II) the Repurchase Order satisfies all applicable requirements for personal property and securities transfer as specified in the Standard Procedures.