Subscription Agent Services Clause Samples
The SUBSCRIPTION AGENT SERVICES clause defines the responsibilities and scope of services provided by a subscription agent in connection with a financial offering or investment fund. Typically, this clause outlines the agent’s duties, such as processing investor subscriptions, maintaining records, handling communications, and ensuring compliance with relevant regulations. By clearly delineating the agent’s role, the clause helps ensure efficient administration of the subscription process and clarifies the division of responsibilities between the parties involved.
Subscription Agent Services. The Transfer Agent will act as Subscription Agent for the Fund. In addition to subscription functions described elsewhere in this Agreement, the Transfer Agent will:
1. Maintain a Subscription Account for the Fund. This account shall be established and operated so as to satisfy the following criteria:
a. The account shall be established by the Transfer Agent for the benefit of the Fund in accordance with the terms of the Agreement;
b. The account shall be provided at no additional cost except as may otherwise be stated in Appendix D of the Agreement;
c. The account shall serve as the sole depository for subscription monies intended for the purchase of Fund Shares until such funds are transferred to the Custody Account;
d. The Transfer Agent shall be prepared to receive and efficiently process incoming cash, checks, Federal Reserve Drafts and bank wire transfers of funds;
e. Withdrawals from the account shall be for the purpose of transferring funds into the Custody Account or, where appropriate, the crediting or payment of commission or dealer's commissions; withdrawals are also permitted to accommodate net settlements with the Custodian;
f. No dividend or redemption or any other payments shall be made to Fund Shareholders from the Subscription Account;
g. The Transfer Agent will cashier all items presented in payment as expeditiously as possible.
2. In connection with managing the Subscription Account, the Transfer Agent will exercise all possible care in satisfying operational requirements in each of the following critical areas:
Subscription Agent Services. Designating an operational team to carry out Subscription Agent duties, including document review and execution of legal agreement, review of subscription form and communication materials, project management, and on-going project updates and reporting · Converting RMR shareholder file to Computershare’s Corporate Actions System
Subscription Agent Services. The Transfer Agent will accept subscriptions as set forth-In the Prospectus and Statement of Additional Information. In addition to subscription functions described elsewhere in this Agreement, the Transfer Agent will:
1. Maintain a subscription account for the Fund. This account shall be established and operated so as to satisfy the following criteria:
a. The account shall be established for the benefit of the Fund at State Street Bank & Trust Company (the "Bank"), which shall be prepared to receive, efficiently process, and cashier as promptly as possible all income, cash, checks, Federal Reserve Drafts and bank wire transfers.
b. The account shall serve as the sole depository for subscription monies intended for the purchase of Share until such funds are transferred to the custody account.
c. All withdrawals from the account shall be for the exclusive purpose of transferring funds into the Fund's custody account.
d. No dividend or redemption or any other payments shall be made to Shareholders from the subscription account.
2. in connection with managing the subscription account, the Transfer Agent will exercise all possible care in satisfying, or causing the Bank to satisfy, operational requirements in each of the following critical areas:
a. Determining on each business day the availability of Federal Funds on all items paid in or to be paid in to the subscription account. The determination of Federal Funds availability shall be made as early as possible the same day an item is received and shall be made in specific accord with the Federal Reserve Schedule (Federal Reserve Bank of New York). Federal Funds availability shall be reported to the Fund during the course of each business day.
b. Adopting such procedures as the Fund's auditors may reasonably specify to monitor compliance with the the terms and conditions set forth in Fund's prospectus or Statement of Additional Information in the determination and timely transfer of Federal Funds.
Subscription Agent Services. Designating an operational team to carry out Subscription Agent duties, including document review and execution of legal agreement, review of subscription form and communication materials, project management, and on-going project updates and reporting • Converting ▇▇▇▇▇▇▇ Renaissance shareholder file to Computershare’s Corporate Actions System • Coordinating the offering with the Depositary Trust Company • Interfacing with the Information Agent • Calculating Rights to be distributed to each shareholder and • Printing shareholder information on the subscription form • Coordinating the mailing of subscription materials to shareholders with the Information Agent • Tracking and reporting the number of subscriptions made, as required • Processing rights received and exercised • Selling rights as requested by shareholders • Depositing participant checks and wires daily • Providing daily receipt summation of funds received • Prorating subscriptions as required • Forwarding funds to ▇▇▇▇▇▇▇ Renaissance at the end of the offering period • Calculating, issuing refund checks, if applicable • Requisitioning ▇▇▇▇▇▇▇ Renaissance shares • Calculating, issuing, mailing and collecting invoices, if applicable • Calculating, issuing and mailing of solicitation checks, if applicable • Reviewing and commenting on all offer documents in advance of final printing and dissemination • Working directly with the financial printer, providing format suggestions and delivery instructions. Alternatively, we can arrange for a proposal to be provided by our subsidiary GS Financial Printing. • Assisting in the preparation and placement of advertisements/Tombstones in newspapers (at prevailing market rates) • Surveying bank and brokerage communities to obtain material requirements and to ensure that they are aware of the Offer • Coordinating the mailing of the offer materials to registered and beneficial shareholders • Establishing a toll-free telephone number to enable shareholders and their advisors to contact us with questions. Toll-free number would be displayed in the offer documents and any advertisements or press releases. • Tracking and keeping record of all incoming calls and notify the appropriate individual upon the receipt of calls outside the normal course • Initiating follow-up calls to a targeted group of banks, brokers and shareholders in order to maximize participation in the Offer • Initiating and maintain communications with the Company’s Depositary and the reorganization...
Subscription Agent Services