Transfer Agent shall Clause Samples
The 'Transfer Agent shall' clause defines the specific duties and responsibilities assigned to the transfer agent in a contractual relationship. Typically, this clause outlines tasks such as maintaining records of ownership, processing transfers of securities, and handling communications with shareholders. By clearly delineating the transfer agent's obligations, the clause ensures that all parties understand who is responsible for these critical administrative functions, thereby promoting accountability and reducing the risk of disputes related to securities transfers.
Transfer Agent shall. (i) maintain a comprehensive business recovery plan that: (A) is not less protective than the plan provided to the Fund by the Transfer Agent as part of the Fund’s periodic review of its service providers; and (B) provides for sufficient recovery of its back office and administrative operations to enable Transfer Agent, within 24 hours or such other period as may be agreed upon in writing between the parties after any event necessitating the use of such plan to fulfill its obligations hereunder, and (ii) test such business recovery plan no less frequently than annually and upon request, the Fund may participate in such test. Upon request, the Transfer Agent shall provide the Fund with a letter assessing the most recent business continuity test results. Transfer Agent shall maintain, at a location other than its normal location, appropriate redundant facilities for operational back-up in the event of a power failure, disaster or other interruption. Transfer Agent shall back-up the Fund’s records maintained by Transfer Agent, and shall store the backup in a secure manner at a location other than its normal location, so that, in the event of a power failure, disaster or other interruption at such normal location, the records will be maintained intact and will enable Transfer Agent to perform the Services under this Agreement. In the event of a business disruption that materially impacts Transfer Agent’s provision of Services under this Agreement, Transfer Agent will promptly notify the Fund of the disruption and the steps being implemented under the business continuity plan.
Transfer Agent shall. (i) maintain a comprehensive business recovery plan that: (A) is not less protective than the plan summary provided to the Fund by the Transfer Agent as part of the Fund’s periodic review of its service providers; and (B) provides for sufficient recovery of its back office and administrative operations to enable Transfer Agent, within 24 hours or such other period as may be agreed upon in writing between the parties after any event necessitating the use of such plan to fulfill its obligations under this Agreement; provided, however, without such agreement BNYM will endeavor to achieve a recovery time objective of four hours or less (a recovery time objective is tested and validated, but it should be noted that there is no guarantee that facilities, operations or services can be recovered in any given time frame due to the unpredictable nature of events, such as a force majeure event), and (ii) test such business recovery plan no less frequently than annually and upon request, the Fund may receive an executive summary of the results of such tests and any plans for remediation. Transfer Agent has provided the Fund with an executive summary of Transfer Agent’s business recovery plan, and upon request, Transfer Agent shall provide the Fund with an executive summary that describes Transfer Agent’s business recovery plan as in effect from time to time. Transfer Agent shall maintain, at a location other than its normal location, appropriate redundant facilities for operational back-up in the event of a power failure, disaster or other interruption. Transfer Agent shall back-up the Fund’s records maintained by Transfer Agent, and shall store the backup in a secure manner at a location other than its normal location, so that, in the event of a power failure, disaster or other interruption at such normal location, the records will be maintained intact and will enable Transfer Agent to perform the services under this Agreement. In the event of a business disruption that materially impacts Transfer Agent’s provision of services under this Agreement, Transfer Agent will promptly notify the Fund of the disruption and the steps being implemented under the business recovery plan.
Transfer Agent shall. (i) maintain a comprehensive business recovery plan that: (A) is not less protective than the plan provided to the Fund as of the effective date of the Fund under regulation and/or applicable law; and (B) provides for sufficient recovery of its back office and administrative operations to enable Transfer Agent, within 24 hours or such lesser period as may be agreed upon in writing between the parties after any event necessitating the use of such plan to fulfill its obligations hereunder, and (ii) test such business recovery plan no less frequently than annually and upon request, the Fund may participate in such test. Transfer Agent will make the results of such test available to the Fund upon request for review and inspection. Transfer Agent shall maintain, at a location other than its normal location, appropriate redundant facilities for operational back-up in the event of a power failure, disaster or other interruption. Transfer Agent shall back-up the Fund's records maintained by Transfer Agent, and shall store the backup in a secure manner at a location other than its normal location, so that, in the event of a power failure, disaster or other interruption at such normal location, the records will be maintained intact and will enable Transfer Agent to perform the Services under this Agreement. In the event of a business disruption that materially impacts Transfer Agent's provision of Services under this Agreement, Transfer Agent will notify the Fund of the disruption and the steps being implemented under the business continuity plan.