Common use of Error Correction Clause in Contracts

Error Correction. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by ▇▇▇. The Custodian will have no duty to notify or account to the Client for any Loss or gain associated with an error it has fully remediated.

Appears in 17 contracts

Sources: Custody Agreement (Strategic Trust), Custodian Agreement (New Mountain Private Credit Fund), Custody Agreement (Crestline Lending Solutions, LLC)

Error Correction. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by L▇▇. The Custodian will have no duty to notify or account to the Client for any Loss or gain associated with an error it has fully remediated.

Appears in 6 contracts

Sources: Custody Agreement (Kraneshares Crypto Trust), Custody Agreement (PFS Funds), Custody Agreement (TCW ETF Trust)

Error Correction. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by ▇▇▇. The Custodian will have no duty to notify or account to the Client for any Loss or gain associated with an error it has fully remediated.

Appears in 5 contracts

Sources: Custody Agreement (PGIM Private Credit Fund), Custody Agreement (Columbia Funds Variable Series Trust II), Custody Agreement (Columbia ETF Trust I)

Error Correction. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by ▇▇▇Law. The Custodian will have no duty to notify or account to the Client for any Loss or gain associated with an error it has fully remediated.

Appears in 3 contracts

Sources: Custody Agreement (Golub Capital Direct Lending Unlevered LLC), Custody Agreement (Apollo Debt Solutions BDC), Custody Agreement (Hercules Capital, Inc.)

Error Correction. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers is commercially appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by L▇▇. The Custodian will have no duty to notify or account to the Client for any Loss or gain associated with an error it has fully remediated.

Appears in 2 contracts

Sources: Custody Agreement (Third Point Private Capital Partners), Custody Agreement (Andalusian Credit Company, LLC)

Error Correction. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by ▇▇▇. The Custodian will have no duty shall use commercially reasonable efforts to notify or account to the Client for within a reasonable period of time based on the facts and circumstances of any material Loss or gain associated with an error it that has fully remediatedaccrued to the Client.

Appears in 2 contracts

Sources: Custody Agreement (Lincoln Partners Group Royalty Fund), Custody Agreement (Lincoln Bain Capital Total Credit Fund)

Error Correction. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains limited to those which accrue to the Custodian arising from its errors or related remedial actions taken by the Custodian unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by ▇▇▇. The Custodian will have no duty to notify or account to the Client for any Loss or gain associated with an error it has fully remediated.

Appears in 2 contracts

Sources: Custody Agreement (Apollo S3 Private Markets Fund), Custody Agreement (JPMorgan Private Markets Fund)

Error Correction. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by ▇▇▇. The Custodian will have no duty to notify or and account to the Client for any Loss or gain associated with an error of the Custodian; provided, that, in the event of an error that has been fully remediated, the Custodian shall only provide such notice to the extent it has fully remediatedactual knowledge of such Loss or gain.

Appears in 1 contract

Sources: Custody Agreement (Lazard Active ETF Trust)

Error Correction. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by ▇▇▇. The Custodian will have no duty use commercially reasonable efforts to notify or account to the Client for any Loss or gain associated with an error it has fully remediated.

Appears in 1 contract

Sources: Custody Agreement (Vista Credit Strategic Lending Corp.)

Error Correction. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by ▇▇▇. The Custodian will have no duty to notify or account to the tothe Client for any Loss or gain associated with an error it has fully remediated.

Appears in 1 contract

Sources: Custody Agreement (Russell Investments Exchange Traded Funds)

Error Correction. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by L▇▇. The Custodian will have no duty to shall notify or account to the Client for within a reasonable time of any material Loss or gain associated with an error it has fully remediated.

Appears in 1 contract

Sources: Custody Agreement (Wellington Global Multi-Strategy Fund)

Error Correction. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses Information Classification: Limited Access when permitted by ▇▇▇Law. The Custodian will have no duty to notify or account to the Client for any Loss or gain associated with an error it has fully remediated.

Appears in 1 contract

Sources: Custody Agreement (Apollo Debt Solutions BDC)

Error Correction. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian will promptly notify the Client of any error that results in a material Loss or gain and may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by ▇▇▇. The Except as provided in this Section 18.1, the Custodian will have no duty to notify or account to the Client for any Loss or gain associated with an error it has fully remediated.

Appears in 1 contract

Sources: Custody Agreement (Diamond Hill Securitized Credit Fund)

Error Correction. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by ▇▇▇. The Custodian will have no duty shall use commercially reasonable efforts to notify or account to the Client for within a reasonable period of time based on the facts and circumstances of any Loss or gain associated with an any material error it that has fully remediatedaccrued to the Client.

Appears in 1 contract

Sources: Custody Agreement (Calamos Aksia Private Equity & Alternatives Fund)

Error Correction. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by ▇▇▇Law. The Custodian will have Information Classification: Limited Access 11 GCA.US40ACT.20210617 no duty to notify or account to the Client for any Loss or gain associated with an error it has fully remediated.

Appears in 1 contract

Sources: Custody Agreement (PIMCO Capital Solutions BDC Corp.)

Error Correction. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by L▇▇. The Custodian will have no duty shall use commercially reasonable efforts to notify or account to the Client for within a reasonable period of time based on the facts and circumstances of any Loss or gain associated with an any material error it that has fully remediatedaccrued to the Client.

Appears in 1 contract

Sources: Custody Agreement (Calamos Aksia Hedged Strategies Fund)

Error Correction. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions actions, unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted unless otherwise prohibited by ▇▇▇Law. The Custodian will have no duty to notify or and account to the Client for any Loss or gain associated with an error it has fully remediatedof the Custodian.

Appears in 1 contract

Sources: Custody Agreement (Texas Capital Funds Trust)

Error Correction. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s 's assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had Information Classification: Limited Access the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by ▇▇▇Law. The Custodian will have no duty to notify or account to the Client for any Loss or gain associated with an error it has fully remediated.

Appears in 1 contract

Sources: Custody Agreement (Northern Lights Fund Trust Iii)

Error Correction. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s assets, where and to the extent reasonably Information Classification: Limited Access necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by ▇▇▇. The Custodian will have no duty use commercially reasonable efforts to notify the Client of, or account to the Client for for, any Loss or gain that has accrued to the Client associated with an error it has fully remediatedany error.

Appears in 1 contract

Sources: Custody Agreement (Pershing Square USA, Ltd.)

Error Correction. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by ▇▇▇. The Custodian will have no duty to notify or and account to the Client for any Loss or gain associated with an error of the Custodian; provided, that, in the event of an error that has been fully remediated, the Custodian shall only provide such notice to the extent it has fully remediatedactual knowledge of such Loss or gain that has accrued to the Client.

Appears in 1 contract

Sources: Custody Agreement (Baron ETF Trust)

Error Correction. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by ▇▇▇. The Custodian will have no duty to shall notify or account to the Client within a reasonable time for any material Loss or gain associated with an a material error it has fully remediated.

Appears in 1 contract

Sources: Custody Agreement (AGL Private Credit Income Fund LP)

Error Correction. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by ▇▇▇. The Custodian will have no duty to notify or account to the Client for any Loss or gain associated with an error it has fully remediated.. 19 Limits on the Scope of the Services 19.1

Appears in 1 contract

Sources: Custodian Agreement (New Mountain Guardian IV Income Fund, L.L.C.)

Error Correction. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions taken by the Custodian unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by ▇▇▇. The Custodian will have no duty to notify or account to the Client for any Loss or gain associated with an error it has fully remediated.

Appears in 1 contract

Sources: Custody Agreement (Coller Private Credit Secondaries)