Conversion to NETWORKING Clause Samples
The 'Conversion to NETWORKING' clause establishes the conditions and procedures under which a service, product, or contractual relationship can be transitioned to a networking-based model or platform. Typically, this clause outlines the steps required for conversion, such as notification requirements, technical specifications, or mutual agreement between parties. Its core practical function is to provide a clear and structured process for shifting to a networking arrangement, thereby minimizing confusion and ensuring both parties understand their rights and obligations during the transition.
Conversion to NETWORKING. If the Trust Entity, as part of its conversion to NETWORKING, requires that outstanding certificates be deposited with any of the Funds or that street name house accounts be divided into individual accounts, the Trust Entity shall submit to the Fund Agent a “Conversion Plan” and shall obtain prior written consent from the Fund Agent for the Conversion Plan. The Conversion Plan shall detail volumes for certificates or individual accounts, procedures for processing, documentary requirements, procedures and reasonable time frames for resolving discrepancies, and such other matters, including the classes of Client-shareholder accounts eligible for NETWORKING, and ongoing procedures for the entry and removal of individual accounts to and from NETWORKING. The Fund Agent will assist the Trust Entity in formulating the Conversion Plan.
Conversion to NETWORKING. If the Firm, as part of its conversion to NETWORKING, requires that outstanding certificates be deposited with any of the Funds or that street name house accounts be divided into individual accounts, the Firm shall submit to the Fund Agent a “Conversion Plan” and shall obtain prior written consent from the Fund Agent for the Conversion Plan. The Conversion Plan shall detail volumes for certificates or individual accounts, procedures for processing, documentary requirements, procedures and reasonable time frames for resolving discrepancies, and such other matters, including the classes of Shareholder accounts eligible for NETWORKING, and ongoing procedures for the entry and removal of individual accounts to and from NETWORKING. The Fund Agent will assist the Firm in formulating the Conversion Plan.
Conversion to NETWORKING. If the Trust Entity, as part of its conversion to Networking, requires that outstanding certificates be deposited with any of the Funds or that street name house accounts be divided into individual accounts, the Trust Entity shall submit to PIMSS a "Conversion Plan" and shall obtain prior written consent from PIMSS for the Conversion Plan. The Conversion Plan shall detail volumes for certificates or individual accounts, procedures for processing, documentary requirements, procedures and reasonable time frames for resolving discrepancies, and such other matters, including the classes of Client-Shareholder accounts eligible for Networking, and ongoing procedures for the entry and removal of individual accounts to and from Networking. PIMSS will assist the Trust Entity in formulating the Conversion Plan.