Processing and Procedures Clause Samples
Processing and Procedures. (i) Transfer Agent agrees to accept purchase orders and repurchase requests with respect to the Shares of the Fund via postal mail, telephone, electronic delivery or personal delivery on each Fund Business Day in accordance with the Fund’s Prospectus; provided, however, that Transfer Agent shall only accept purchase orders from jurisdictions in which the Shares are qualified for sale, as indicated from time to time by the Fund or pursuant to an Instruction. Transfer Agent shall, as of the time at which the net asset value (“NAV”) of the Fund is computed on each Fund Business Day, issue to the accounts specified in a purchase order in proper form and accepted by the Fund the appropriate number of full and fractional Shares based on the NAV per Share of the Fund specified in a communication received on such Fund Business Day from or on behalf of the Fund. Transfer Agent shall redeem from accounts any Shares tendered for repurchase in accordance with procedures stated in the Fund’s Prospectus or pursuant to an Instruction. Transfer Agent shall not be required to issue any Shares after it has received from an Authorized Person or from an appropriate federal or state authority written notification that the sale of Shares has been suspended or discontinued, and Transfer Agent shall be entitled to rely upon such written notification. Payment for Shares shall be in the form of a check, wire transfer, Automated Clearing House transfer (“ACH”) or such other methods to which the parties shall mutually agree.
(ii) Upon receipt of a repurchase request and monies paid to it by the Custodian in connection with a repurchase of Shares, Transfer Agent shall cancel the repurchased Shares and after making appropriate deduction for any withholding of taxes required of it by applicable federal law, make payment in accordance with the Fund’s repurchase and payment procedures described in the Prospectus.
(iii) Except as otherwise provided in this paragraph, Transfer Agent will exchange, transfer or repurchase Shares upon presentation to Transfer Agent of instructions endorsed for exchange, transfer or repurchase, accompanied by such documents as Transfer Agent deems necessary to evidence the authority of the person making such exchange, transfer or repurchase. Transfer Agent reserves the right to refuse to exchange, transfer or repurchase Shares until it is satisfied that the endorsement or instructions are valid and genuine. For that purpose, it will require, unless otherwise in...
Processing and Procedures. A. Issuance, Redemption and Transfer of Shares
1. Sunstone acknowledges that it has received a copy of each Fund's Prospectus (as hereinafter defined), which Prospectus describes how sales and redemptions of shares of each Fund shall be made and Sunstone agrees to accept purchase orders and redemption requests with respect to Fund shares on each Fund Business Day in accordance with such Prospectus. "Fund Business Day" shall be deemed to be each day on which the New York Stock Exchange is open for trading, and "Prospectus" shall mean the last Fund prospectus actually received by Sunstone from the Fund with respect to which the Fund has indicated a registration statement under the 1933 Act has become effective, including the Statement of Additional Information, incorporated by reference therein.
Processing and Procedures. 4.01 Issuance, Redemption and Transfer of Shares
A. UMBFS agrees to accept purchase orders and redemption requests with respect to the Shares of each Fund via postal mail, telephone, facsimile or other means of electronic communication, or personal delivery on each Fund Business Day in accordance with such Fund's Prospectus; provided, however, that UMBFS shall only accept purchase orders from states in which the Shares are qualified for sale, as indicated from time to time by the Trust. On each Fund Business Day, UMBFS shall, as of the time at which the net asset value of each Fund is computed, issue to and redeem from the accounts specified in a purchase order or redemption request in proper form and accepted by the Trust or a Fund, which is effective on such day, the appropriate number of full and fractional Shares based on the net asset value per Share of the respective Fund specified in an advice received on such Fund Business Day from or on behalf of the Fund. UMBFS shall not be responsible for the payment of any original issue or other taxes required to be paid by the Trust or a Fund in connection with the issuance of any Shares in accordance with this Agreement. UMBFS shall not be required to issue any Shares after it has received from an Authorized Person or from an appropriate federal or state authority written notification that the sale of Shares has been suspended or discontinued, and UMBFS shall be entitled to rely upon such written notification. Payment for Shares shall be in the form of a check, wire transfer, Automated Clearing House transfer or such other methods to which the parties shall mutually agree.
B. Upon receipt of a redemption request and monies paid to it by the Custodian in connection with a redemption of Shares, UMBFS shall cancel the redeemed Shares and after making appropriate deduction for any withholding of taxes required of it by applicable federal law, make payment in accordance with the Fund's redemption and payment procedures described in the Prospectus.
C. Except as otherwise provided in this paragraph, UMBFS will transfer or redeem Shares upon presentation to UMBFS of instructions endorsed for exchange, transfer or redemption, accompanied by such documents as the Trust (or a Fund) and UMBFS deem necessary to evidence the authority of the person making such transfer or redemption. UMBFS reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement or instructions are valid and gen...
Processing and Procedures. (a) Issuance, Redemption and Transfer of Units Generally. ----------------------------------------------------
(i) The Fund shall receive and approve all purchase, transfer and redemption requests with respect to the Units. The Administrator's obligations in connection with the purchase, transfer, and redemption of Units shall be limited to acting upon the Investment Instructions and Redemption Instructions received from the Fund. The Fund shall bear the responsibility and the Administrator shall assume no liability for determining that purchases, transfers and redemptions meet the requirements established by the Prospectus and all applicable laws, rules and regulations.
(ii) The Administrator shall send such statements as are noted on Schedule A hereto in connection with the purchase and redemption of Units. It is understood that certificates for Units will not be offered by the Fund or available to investors.
Processing and Procedures. A. ISSUANCE, REDEMPTION AND TRANSFER OF SHARES GENERALLY
1. The Fund shall receive and approve all purchase, transfer and redemption requests with respect to the Shares. Sunstone's obligations in connection with the purchase, transfer, and redemption of Shares shall be limited to acting upon the Investment Instructions and Redemption Instructions received from the Fund. The Fund shall bear the responsibility and Sunstone shall assume no liability for determining that purchases, transfers and redemptions meet the requirements established by the Private Placement Memorandum and all applicable laws, rules and regulations.
2. Sunstone shall send such statements as are noted on Schedule A hereto in connection with the purchase and redemption of Shares. It is understood that certificates for Shares will not be offered by the Fund or available to investors.
3. Prior to the effective date of any increase or decrease in the total number of Shares authorized to be issued, or the issuance of any additional Shares of the Fund pursuant to stock dividends, stock splits, recapitalizations, capital adjustments or similar transactions, the Fund agrees to deliver to Sunstone such documents, certificates, reports and legal opinions as Sunstone may reasonably request.
4. The Fund shall have the sole responsibility for determining the Current NAV. The Fund shall provide Sunstone with the Current NAV within five days after each Investment Date during the term hereof. The Current NAV shall be transmitted in writing and shall be certified by an officer of the Fund. To expedite the transmission of information, the Fund may submit the Current NAV via facsimile transmission. In such event, however, the Fund shall mail the original, certified Current NAV to Sunstone via first class mail. The Fund specifically assumes liability for and shall indemnify Sunstone from and against any damages, claims, suits or actions arising out of (i) any violations of Rule 23c-3 caused by the Fund's failure to transmit the Current NAV within the time period required by this paragraph or (ii) any errors in calculating the Current NAV.
Processing and Procedures