Fund Settlement Clause Samples
The Fund Settlement clause outlines the procedures and timing for transferring funds between parties following a transaction or agreement. Typically, it specifies when payments must be made, the acceptable methods of payment, and any conditions that must be met before funds are released, such as the completion of certain deliverables or the receipt of required documentation. This clause ensures that both parties have a clear understanding of when and how financial obligations will be fulfilled, thereby reducing the risk of disputes or delays related to payment.
Fund Settlement. Party A shall make payments for purchases to the designated account of Party B as agreed upon.
Fund Settlement. (Share Reconcilement) Each day the following steps will be taken by the settlement clerk.
a. Receive daily System reports including Share Proof, DAR, Transaction Journal. b. Verify that the trades posted match what was listed on previous day's Capstock. c. Review Aged Suspense Report to ensure there are no trades not processed. d. Prepare Share Rec showing both the T/A and Accounting balances and any differences.
Fund Settlement. (Cash Movement to/from BoNY) Each day the following steps will be taken by the settlement clerk.
a. At 2:30pm EST the "NET" figure thus far is determined and reported to BoNY Custody.
Fund Settlement. (Daily Distribution) Each day the following steps will be taken by the settlement clerk.
a. Receive a Daily Distribution Report from the Investar System.
b. Verify beginning accrual balance to ensure it matches yesterday's ending balance.
c. Verify that the daily rate matches what was reported from BoNY Accounting Dept.
d. Verify that the shares multiplied by the rate matches the current daily accrual total. e. Account for any early payouts or accrual adjustments due to as/of's. f. Verify that the new ending accrual total is correct. g. Prepare a Daily Distribution Confirmation to be faxed to BoNY Accounting Dept. h. Verify that BoNY confirms our totals and faxes confirmation back each day. **Process to take roughly 15 minutes each day (Per Fund or Class of Shares).
Fund Settlement. In principle, funds settlement between agents and lenders will be carried out via the Nationwide Bank Data Communication System. If you wish to use the Bank of Japan Financial Network System, The lender shall consult with the agent in advance. If the lender is not a subscriber to the National Bank Data Communication System, The funds will be settled in the bank account of the lender at the bank participating in the credit system.
Fund Settlement. In principle, the settlement of funds between the agent and the lender will be carried out via the Nationwide Bank Data Communication System. If you wish to use the Bank of Japan Financial Network System, However, if the lender is a national lender, the lender must consult with the agent in advance. If you are not a subscriber to the bank data communication system, a national bank designated by the lender The funds are settled in the bank account in the name of the lender at the bank subscribing to the data communication system. This shall be done. Any transaction made under this Agreement from one of the parties to this Agreement to any other party to this Agreement Any fees, etc. relating to payments to the parties shall be borne by the person making the payment.
Fund Settlement. (Cash Availability Reporting) Each day the following steps will be taken by the settlement clerk.
a. At 12:00 noon EST, a preliminary availability will be sent to Milestone via fax. b. At 2:30pm EST, an updated availability is sent to Milestone and BoNY Accounting via Fax.
Fund Settlement. (Redemptions) For each redemption trade, the following steps will be taken by the settlement clerk.
a. Receive printed placement confirmation of the trade from Institutional clerk. b. Update Cash Availability to reflect additional trade received. c. Update Cash Movement Sheet to reflect additional trade received. d. Update Capstock Sheet to reflect additional trade received.
Fund Settlement. (Purchases) For each purchase trade, the following steps will be taken by the settlement clerk.
a. Receive printed placement confirmation of the trade from Institutional Rep.
b. Place the confirmation sheet into the "pending" file.
c. Review BoNY DDA Account for received wires at 11:50am, 2:20 pm and 4:20 pm. Upon receipt of the wire:
d. Update Cash Movement Sheet to reflect additional wire received. e. Update Capstock Sheet to reflect additional trade processed. f. Update Cash Availability to reflect additional wire received. g. Pass wire notification sheet to Operations for Investar processing of payment. h. Review Investar System processing soon afterward to verify accuracy of input. **Process to take roughly 5 minutes per trade.