SHORT SETTLEMENT TRANSACTIONS. With respect to short settlement transactions, as may be permitted for certain Funds from time to time, each Trust may assess a cash collateral buffer as a percentage of the total order value. The cash collateral buffer would be added to the Cash Component of the basket. On the Business Day following the trade date of a short settlement transaction, each Trust will calculate the true-up amount and either instruct a return wire to the Participant with all or a portion of the cash collateral or require additional funds from the Participant. Each Trust requires the true-up amount from the Participant to be paid same day. 1. PLACING A REDEMPTION ORDER.
Appears in 2 contracts
Sources: Authorized Participant Agreement (New York Life Investments Active ETF Trust), Authorized Participant Agreement (New York Life Investments ETF Trust)