Prudential Responsibilities Clause Samples
The "Prudential Responsibilities" clause defines the obligation of parties to act with due care, diligence, and sound judgment in the performance of their contractual duties. In practice, this means each party must adhere to industry standards, regulatory requirements, and best practices to manage risks and protect the interests of all stakeholders involved. For example, a financial institution might be required to maintain adequate capital reserves or implement robust risk management procedures. The core function of this clause is to ensure responsible conduct, minimize potential losses, and promote stability and trust within the contractual relationship.
Prudential Responsibilities. (a) Except as otherwise set forth in this Agreement and subject to this Section 3(a), Prudential shall not during the Term of this Agreement create or contract with any third party for the development of services that are the same or substantially the same as Services contemplated to be provided by Vendor under this Agreement (i.e., for use in the residential estate
Prudential Responsibilities. Provide BISYS with a daily price file each business day by 8:00 p.m. Eastern time. This file will include the current net asset value of each Investment Option within Discovery Select. - Provide BISYS prior to the beginning of each calendar quarter with an Excel spreadsheet that lists the daily interest rate factors for the GIA for the upcoming quarter. - Provide a daily confirmation file to BISYS by 8:00 a.m. Eastern time the following business day containing the daily trade activity and share position for all Investment Options under Discovery Select. This file will be used as a source for the daily reconciliation between Prudential and BISYS to ensure that Participant records are in balance with Plan records. - For each business day where there is a net withdrawal of a particular Investment Option under Discovery Select, Prudential shall execute a wire instruction to the Plan trustee in the amount of the withdrawal immediately after that day's reconciliation but in no event later than 12:00 noon Eastern time. - Maintain Plan-level records for the following purposes: - daily reconciliation conducted by BISYS between the Plan and Participant accounts. - calculation of Plan-level transactions such as the surrender charge and GIA market value adjustment. - Communicate surrender charge and market value adjustment amount to BISYS where applicable. All services provided by BISYS shall be performed in accordance with the then-current prospectus for Discovery Select ("Prospectus") and the then-current prospectus for each applicable underlying fund Investment Option. Notwithstanding the preceding sentence, Prudential shall provide BISYS with a copy of the Prospectus as anticipated to be in effect on the Effective Date and sufficiently in advance of such Effective Date as to afford BISYS a reasonable opportunity to review such Prospectus. Within fourteen (14) calendar days after receipt of such Prospectus, BISYS shall notify Prudential whether BISYS can, in BISYS's reasonable business judgment, perform the services described in A. above. If BISYS notifies Prudential that it is unable to perform all, or certain specified, of those services and, after consultation with Prudential, BISYS determines, in its reasonable business judgment, that it remains unable to perform such services, then BISYS shall not be obligated to perform services pursuant to Section 2(a)(4) of this Agreement, unless Prudential and BISYS otherwise agree.
Prudential Responsibilities. (a) Except as otherwise set forth in this Agreement and subject to this Section 3(a), Prudential shall not during the Term of this Agreement [*] for the [*] that are the [*] contemplated to be provided by Vendor under this Agreement (i.e., for use in the residential estate ****** Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.
Prudential Responsibilities