Settlement Facility Clause Samples
A Settlement Facility clause establishes a designated mechanism or entity responsible for managing and processing the settlement of claims, payments, or obligations arising under an agreement. Typically, this clause outlines the procedures for submitting claims, the criteria for eligibility, and the timelines for disbursement of funds. By centralizing and standardizing the settlement process, the clause ensures efficiency, transparency, and fairness in resolving financial or legal obligations between parties.
Settlement Facility. Availability: Normally, any securities to be transferred by the Client must be available for transfer in a Prime Brokerage Account or be provided by the Client to MSI plc in good time to enable MSI plc to settle the relevant transfer. However, MSI plc may make a Settlement Facility available to the Client by utilising either (i) securities MSI plc has in inventory or
Settlement Facility. Pursuant to the Settlement Facility Agreement, a Depository Trust (as defined therein) has been established. All assets (including but not limited to funds and interests in insurance policies and Insurance Proceeds) of the Settlement Facility shall be received, held, invested and disbursed by the Depository Trust on behalf of the Settlement Facility in accordance with the terms of the Depository Trust Agreement. Notwithstanding anything to the contrary contained in this Agreement, whenever this Agreement refers to the Settlement Facility or Settlement Fund receiving, holding, investing, disbursing or otherwise dealing with assets, it shall be deemed to refer to actions taken by the Trustee in accordance with the Depository Trust Agreement.