Examples of BFA Recipient in a sentence
Each BFA Recipient, as applicable, by resolution adopted by its Board, has delegated to Provider, subject to Section (b) of Rule 17f-5 under the 1940 Act, the responsibilities set forth herein with respect to Foreign Assets of the BFA Recipients held outside the United States, and Provider hereby accepts such delegation as Foreign Custody Manager with respect to such applicable BFA Recipients.
Provider will: (i) provide the BFA Recipient (or BFA, on behalf of the BFA Recipient) with an analysis of the custody risks associated with maintaining Foreign Assets with any Eligible Securities Depository in accordance with Rule 17f-7(a)(l)(i)(A) under the 1940 Act; and (ii) monitor such risks on a continuing basis, and promptly notify the BFA Recipient (or BFA, on behalf of the BFA Recipient) of any material change in such risks in accordance with Rule 17f-7(a)(1)(i)(B) under the 1940 Act.
From and after December 31, 2024, BFA or any BFA Recipient may terminate any Service (or portion thereof) and bring the performance of such Service in-house to be performed by BFA or any Affiliate thereof, provided that BFA or the BFA Recipient shall provide at least one hundred and eighty (180) days’ prior written notice of such termination to the Provider.
The Parties acknowledge that the Services contain no minimum volume or revenue commitments to be provided by BFA or any BFA Recipient to Provider.
If Provider shall not receive sufficient cash to make payment to all Shareholders of the BFA Recipient as of the record date, the Proper Instruction referred to in Section 5.3(a) shall be deemed to be suspended until such time as Provider shall have received sufficient cash to make payment to all Shareholders of the BFA Recipient as of the record date.
Provider shall not be required to issue any Shares of a BFA Recipient where it has received a written instruction from the BFA Recipient (or BFA, on behalf of the BFA Recipient) or written notification from any appropriate federal or state authority that the sale of the Shares of the BFA Recipient in question has been suspended or discontinued, and Provider shall be entitled to rely upon such written instructions or written notification.
This Agreement is executed by BFA on behalf of each BFA Recipient, and the obligations hereunder are not binding upon any of the trustees, directors, officers or shareholders of BFA, any BFA Recipient or any series (as applicable), individually.
Provider will furnish each BFA Recipient with such daily information regarding the positions and activity of the BFA Recipient’s cash, Securities and other assets, as Provider and such BFA Recipient will from time to time agree.
As of the Participation Agreement Effective Date, Provider will provide to each New BFA Recipient certain custodial, fund accounting, fund administration and other services described in more detail in the Agreement (the “BFA Services”).
Provider will permit regulators with jurisdiction over BFA or any BFA Recipient to examine Provider’s activities relating to its performance under this Agreement and the Services.