Duty to Monitor. You must monitor and determine the best cash sweep for you under this program. You may also elect not to participate in the Cash Sweep Program and instead periodically invest cash balances directly. By signing the New Account Application, you authorize us to accept instructions from your Advisor to make changes to your sweep election. Changes to the Sweep Program: You will be notified if we modify the Cash Sweep Program including modifications that result in changing the sweep vehicle for your Account. Unless you tell us otherwise within the time period specified in the notice, your cash balances will be moved to the new sweep vehicle that we designate under the program. Benefits to Us: Fees are charged and certain benefits may be received by us, the Clearing Firm, Program Banks, and their affiliates under the different sweep vehicles. Because of these fees and benefits, we and the Clearing Firm have a financial incentive to select the particular sweep vehicles included in our program and recommend that you hold assets in the Cash Sweep Program.
Duty to Monitor. *Account(s) carried by First Clearing. First Clearing is a trade name used by Xxxxx Fargo Clearing Services, LLC, a registered broker-dealer and non-bank affiliate of Xxxxx Fargo & Company. Introduction Under the Cash Sweep Program (the "Cash Sweep Program"), uninvested cash balances - for which no interest is otherwise earned or paid in your account - are automatically swept into interest-bearing deposit accounts ("Standard Bank Deposit Sweep" and “Expanded Bank Deposit Sweep”, together the “Bank Deposit Sweep Programs”) or, if available, stable-value money market mutual funds ("Money Market Funds") or such other sweep arrangements made available to you (collectively "Cash Sweep Vehicles"), until these balances are invested by you or otherwise needed to satisfy obligations arising in connection with your account. Available Cash Sweep Vehicles The Cash Sweep Vehicle is determined by account type and can be obtained from your financial professional. Each eligible Money Market Fund offered as a Sweep Vehicle is described in a prospectus, which should be read carefully, and may include one or more Money Market Funds that an affiliate of our clearing agent, First Clearing* ("Clearing Agent"), provides investment management or other services. Expanded Bank Deposit Sweep The Expanded Bank Deposit Sweep is the primary Cash Sweep Vehicle for eligible clients. The Expanded Bank Deposit Sweep consists of interest bearing deposit accounts at affiliated and unaffiliated Program Banks. The Expanded Bank Deposit Sweep will provide up to $250,000 in FDIC insurance per Program Bank ($500,000 per Program Bank for joint accounts with two or more owners). As of the date of this Disclosure Statement, the Expanded Bank Deposit Sweep makes five Program Banks available, resulting in up to $1.25 million in available FDIC insurance ($2.5 million for joint accounts with two or more owners). You may, at any time, elect to exclude the unaffiliated Program Banks from the Expanded Bank Deposit Sweep. If you make this election, you will be in the Standard Bank Deposit Sweep and only two Affiliated Banks will receive your uninvested cash. You may not designate that Affiliated Banks be excluded from the Expanded Bank Deposit Sweep or exclude less than all of the unaffiliated Program Banks. Electing to exclude the unaffiliated Program Banks will result in your uninvested cash not being deposited into those banks or, if already deposited to those banks, we will withdraw your funds ...
Duty to Monitor. You must monitor and determine the best cash sweep option for you under this program. You may also elect not to participate in the Cash Sweep Program and instead periodically invest cash balances directly. Page 29 Changes to the Sweep Program You will be notified in advance if First Clearing modifies the Cash Sweep Program in certain respects, including modifications that result in changing the sweep option for your account. Unless you tell your Introducing Firm otherwise within the time period specified in the notice, you will be treated as approving the change and your cash balances will be moved to the new sweep option designated by First Clearing. Page 29 Benefits to Us First Clearing receives fees and other financial benefits under the different sweep options. You should expect that First Clearing will share a portion of these fees and benefits with your Introducing Firm. Your financial professional is compensated based on total assets in your account(s), including assets in the Cash Sweep Program. Because of these fees and benefits, First Clearing and your Introducing Firm have a financial incentive to offer the particular sweep options included in the Cash Sweep Program. Page 30
Duty to Monitor. You must monitor and determine the best cash sweep for you under this program. You may also elect not to participate in the Cash Sweep Program and instead periodically invest cash balances directly. Changes to the Sweep Program: You will be notified if we modify the Cash Sweep Program in a way that results in changing the sweep vehicle for your account. Unless you tell us otherwise within the time period specified in the notice, your cash balances will be moved to the new sweep vehicle that we designate under the program. Benefits to Us: Fees are charged and certain benefits may be received by us under the different sweep options. Because of these fees and benefits, we have a financial incentive to select the particular sweep options included in our program. Differing Risk and Account Protection: Money market mutual funds and the bank deposit sweep are subject to different risks and account protection: Money market mutual funds invest in high quality, short-term securities and seek to maintain a stable value but are subject to market risks and potential value loss. They are not bank accounts and not subject to FDIC insurance protection. They are instead covered by SIPC, which protects against the custodial risk (and not a decline in market value) when a brokerage firm fails by replacing missing securities and cash up to a limit of $500,000, of which $250,000 may be cash. The bank deposit sweep is not subject to market risk and value loss but is subject to the risk of a bank’s failure. In the unlikely event a bank fails, deposits at each bank are eligible for FDIC insurance protection up to a limit of $250,000 (including principal and interest). This limit includes any other deposits you may have at each bank outside of this program. You are responsible for monitoring your bank balances in this program and the balances in any of your other bank accounts at the same bank to determine if these, in total, exceed FDIC insurance limits. Monies held in the bank deposit sweep are not covered by SIPC. Cash Sweep Program Disclosure Statement Introduction. Under the Cash Sweep Program (the “Sweep Program”), uninvested cash balances - for which no interest is otherwise earned or paid – in your account are automatically swept into interest-bearing deposit accounts (“Bank Deposit Sweep”) or, if available, money market mutual funds (“Money Market Funds”) or such other sweep arrangements made available to you (collectively “Cash Sweep Vehicles”), until these balances ...
Duty to Monitor. If an investment manager is appointed to manage the assets of the Trust Fund, the Board shall have the responsibility and authority to monitor the performance of the investment manager and to terminate such appointment if necessary.
Duty to Monitor. CAREFIRST shall have no obligation to Sponsor to monitor whether Claims are re-adjudicated after being provided to Sponsor, or its designee. Subsequent reports will capture any readjudication of claims performed by CAREFIRST. With regard to any adjustments that are identified, CAREFIRST will submit the updates to Sponsor, or its designee with its next Claims submission or at such other time as may be required pursuant to 45 CFR 149.110(b).
Duty to Monitor. *Account(s) carried by First Clearing. First Clearing is a trade name used by Xxxxx Fargo Clearing Services, LLC, a registered broker-dealer and non-bank affiliate of Xxxxx Fargo & Company.
Duty to Monitor. BCBSFL shall have no obligation to Sponsor to monitor whether Claims are re-adjudicated after being provided to Sponsor, or its designee.
Duty to Monitor. The Investment Named Fiduciary shall continuously monitor the suitability under the fiduciary duty rules of ERISA Section 404(a) (1)(as modified by ERISA Section 404(a) (2)) of acquiring and holding Employer Stock. The Trustee shall not be liable for any loss, or by reason of any breach, which arises from the directions of a named fiduciary with respect to the acquisition and holding of Employer Stock. All provisions in this Addendum shall also apply to any securities received as a result of a conversion of Employer Stock.
Duty to Monitor. No Finance Party, is obliged to monitor or enquire as to whether or not a Potential Default, Breach or Event of Default has occurred. The Finance Parties will not be deemed to have knowledge of the occurrence of a Potential Default, Breach or Event of Default.
