Administrative Expense Payments. (a) BAL or its designee shall pay the Insurer an annual fee equal to 25 basis points (0.25%) of the average daily assets attributable to shares of the equity Portfolios, excluding index Portfolios, described on Schedule B of the Participation Agreement that are held in Separate Accounts of the Insurer. (b) BAL or its designee shall pay the Insurer an annual fee equal to 15 basis points (0.15%) of the average daily assets attributable to shares of the fixed Income Portfolios, excluding index Portfolios, described on Schedule B of the Participation Agreement that are held in Separate Accounts of the Insurer. (c) BAL or its designee shall pay the Insurer an annual fee equal to 5 basis points (0.05%) of the average daily assets attributable to shares of the index Portfolios described on Schedule B of the Participation Agreement that are held in Separate Accounts of the Insurer. (d) The Insurer shall calculate the payment contemplated by this Section 1 at the end of each calendar quarter ("Quarterly Payment") and shall submit invoices on a quarterly basis to BAL or its designee at XxxXxxxxxxx.xxxxxxxx@xxxxxxxxx.xxx or such other email address specified by BAL or its designee from time to time. The invoice will be submitted in a Microsoft Excel format and will include the following information: 1. Total average daily assets during the period covered by the invoice by CUSIP and account. 2. The basis point rate that applies to each CUSIP and account. 3. The subtotal amounts due by CUSIP. 4. The total amount due. 5. Payment instructions (Wire/ ACH). 6. Invoice contact information for the Insurer. Invoices must be received in a timely manner. Any initial invoice which is received by BAL or its designee subsequent to three (3) months after the time period covered by the invoice may be subject to non-payment. Additions or adjustments by the Insurer to previously received invoices which are received by BAL or its designee subsequent to six (6) months after the time period covered by the invoice may also be subject to non-payment. The parties acknowledge and agree that the funds, assets and/or accounts covered under this Agreement (the "Assets") will not be subject to fees or any additional payment arrangements with the Fund, BAL or BlackRock Investments, LLC (collectively, the "Fund Parties") or any of their respective affiliates for administrative, sub-transfer agency, sub-accounting or networking services or for any similar services ("Services"), other than as described herein. The Insurer covenants that neither it, any of its affiliates, nor any entity with which the Insurer or any of its affiliates has established a contractual arrangement with respect to the Assets (a "Third Party Entity") will invoice any of the Fund Parties or any of their respective affiliates for duplicative fees as described in the preceding sentence. If the Insurer, any affiliate of the Insurer or any Third Party Entity invoices any of the Fund Parties or any of their respective affiliates for duplicative fees for Services with respect to the Assets, upon the Insurer's discovery of such occurrence or upon the request of BAL or its designee, the Insurer will promptly refund to BAL or its designee any duplicative fees paid to Insurer, any of its affiliates or any Third Party Entity. Refunds shall be made no more than thirty (30) days after the Insurer discovers the duplicative payment or receives a request of repayment of duplicative fees from BAL or its designee. If duplicative fees are not timely repaid to BAL or its designee, the Insurer authorizes any of the Fund Parties or any of their respective affiliates to offset such duplicative fees against any funds otherwise payable to the Insurer, any of its affiliates or any Third Party Entity by any of the Fund Parties or any of their respective affiliates including, without limitation, commissions or services fees. The parties acknowledge and understand that affiliates of BAL and/or BlackRock Investments, LLC are parties to separate agreements under which fees or other payments will be made to Insurer and/or Insurer's affiliate(s). Any invoices shall only cover time periods for which this Agreement is in effect. (e) Notwithstanding anything herein to the contrary, BAL or its designee shall not be obligated to make any payments under this Agreement that exceed the maximum amounts permitted under any applicable rule or regulation, including any rule promulgated by the Financial Industry Regulatory Authority ("FINRA"). (f) The Insurer hereby represents that the fees paid to it pursuant to this Agreement are reasonable in relation to the services it provides and reasonably similar to fees it receives for equivalent services provided to other parties. (g) For the purpose of computing payments to the Insurer under this Section 1 with respect to any Separate Account, the average daily assets attributable to shares of a Portfolio held by the Separate Account for any calendar quarter will be computed by totaling the share net asset value multiplied by total number of shares of the Portfolio held by the Separate Account on each calendar day during the calendar quarter and dividing by the total number of calendar days during such calendar quarter.
Appears in 2 contracts
Samples: Administrative Services Agreement (Principal Life Insurance Co Separate Account B), Administrative Services Agreement (Principal Life Insurance Co Separate Account B)
Administrative Expense Payments. (a) BAL or its designee shall pay the Insurer an annual fee equal to 25 [**] basis points (0.25[**]%) of the average daily assets attributable to shares of the equity Portfolios, excluding index Portfolios, described on Schedule B of the Participation Agreement that are held in Separate Accounts of the Insurer.
(b) BAL or its designee shall pay the Insurer an annual fee equal to 15 [**] basis points (0.15[**]%) of the average daily assets attributable to shares of the fixed Income Portfolios, excluding index Portfolios, described on Schedule B of the Participation Agreement that are held in Separate Accounts of the Insurer.
(c) BAL or its designee shall pay the Insurer an annual fee equal to 5 [**] basis points (0.05[**]%) of the average daily assets attributable to shares of the index Portfolios described on Schedule B of the Participation Agreement that are held in Separate Accounts of the Insurer.
(d) The Insurer shall calculate the payment contemplated by this Section 1 at the end of each calendar quarter ("“Quarterly Payment"”) and shall submit invoices on a quarterly basis to BAL or its designee at XxxXxxxxxxx.xxxxxxxx@xxxxxxxxx.xxx XxxXxxxxxxx.Xxxxxxxx@xxxxxxxxx.xxx or such other email address specified by BAL or its designee from time to time. The invoice will be submitted in a Microsoft Excel format and will include the following information:
1. Total average daily assets during the period covered by the invoice by CUSIP and account.
2. The basis point rate that applies to each CUSIP and account.
3. The subtotal amounts due by CUSIP.
4. The total amount due.
5. Payment instructions (Wire/ Wire/ACH).
6. Invoice contact information for the Insurer. Invoices must be received in a timely manner. Any initial invoice which is received by BAL or its designee subsequent to three (3) months after the time period covered by the invoice may be subject to non-payment. Additions or adjustments by the Insurer to previously received invoices which are received by BAL or its designee subsequent to six (6) months after the time period covered by the invoice may also be subject to non-payment. The parties acknowledge and agree that the funds, assets and/or accounts covered under this Agreement (the "“Assets"”) will not be subject to fees or any additional payment arrangements with the Fund, BAL or BlackRock Investments, LLC (collectively, the "“Fund Parties"”) or any of their respective affiliates for administrative, sub-transfer agency, sub-accounting or networking services or for any similar services ("“Services"”), other than as described herein. The Insurer covenants that neither it, any of its affiliates, nor any entity with which the Insurer or any of its affiliates has established a contractual arrangement with respect to the Assets (a "“Third Party Entity"”) will invoice any of the Fund Parties or any of their respective affiliates for duplicative fees as described in the preceding sentence. If the Insurer, any affiliate of the Insurer or any Third Party Entity invoices any of the Fund Parties or any of their respective affiliates for duplicative fees for Services with respect to the Assets, upon the Insurer's ’s discovery of such occurrence or upon the request of BAL or its designee, the Insurer will promptly refund to BAL or its designee any duplicative fees paid to Insurer, any of its affiliates or any Third Party Entity. Refunds shall be made no more than thirty (30) days after the Insurer discovers the duplicative payment or receives a request of repayment of duplicative fees from BAL or its designee. If duplicative fees are not timely repaid to BAL or its designee, the Insurer authorizes any of the Fund Parties or any of their respective affiliates to offset such duplicative fees against any funds otherwise payable to the Insurer, any of its affiliates or any Third Party Entity by any of the Fund Parties or any of their respective affiliates including, without limitation, commissions or services fees. The parties acknowledge and understand that affiliates of BAL and/or BlackRock Investments, LLC are parties to separate agreements under which fees or other payments will be made to Insurer and/or Insurer's affiliate(s). Any invoices shall only cover time periods for which this Agreement is in effect.
(e) Notwithstanding anything herein to the contrary, BAL or its designee shall not be obligated to make any payments under this Agreement that exceed the maximum amounts permitted under any applicable rule or regulation, including any rule promulgated by the Financial Industry Regulatory Authority ("“FINRA"”).
(f) The Insurer hereby represents that the fees paid to it pursuant to this Agreement are reasonable in relation to the services it provides and reasonably similar to fees it receives for equivalent services provided to other parties.
(g) For the purpose of computing payments to the Insurer under this Section 1 with respect to any Separate Account, the average daily assets attributable to shares of a Portfolio held by the Separate Account for any calendar quarter will be computed by totaling the share net asset value multiplied by total number of shares of the Portfolio held by the Separate Account on each calendar day during the calendar quarter and dividing by the total number of calendar days during such calendar quarter.
Appears in 1 contract
Samples: Administrative Services Agreement (Jefferson National Life of New York Annuity Account 1)
Administrative Expense Payments. (a) BAL or its designee shall pay the Insurer an annual fee equal to 25 basis points (0.25%) of the average daily assets attributable to shares of the equity Portfolios, excluding index Portfolios, described on Schedule B of the Participation Agreement that are held in Separate Accounts of the Insurer.
(b) BAL or its designee shall pay the Insurer an annual fee equal to 15 basis points (0.15%) of the average daily assets attributable to shares of the fixed Income Portfolios, excluding index Portfolios, described on Schedule B of the Participation Agreement that are held in Separate Accounts of the Insurer.
(c) BAL or its designee shall pay the Insurer an annual fee equal to 5 basis points (0.05%) of the average daily assets attributable to shares of the index Portfolios described on Schedule B of the Participation Agreement that are held in Separate Accounts of the Insurer.
(d) The Following the Insurer’s official product launch and not before, the Insurer shall calculate the payment contemplated by this Section 1 at the end of each calendar quarter ("“Quarterly Payment"”) and shall submit invoices on a quarterly basis to BAL or its designee at XxxXxxxxxxx.xxxxxxxx@xxxxxxxxx.xxx XxxXxxxxxxx.Xxxxxxxx@xxxxxxxxx.xxx or such other email address specified by BAL or its designee from time to time. The invoice will be submitted in a Microsoft Excel format and will include the following information:
1. Total average daily assets during the period covered by the invoice by CUSIP and account.
2. The basis point rate that applies to each CUSIP and account.
3. The subtotal amounts due by CUSIP.
4. The total amount due.
5. Payment instructions (Wire/ Wire/ACH).
6. Invoice contact information for the Insurer. Invoices must be received in a timely manner. Any initial invoice which is received by BAL or its designee subsequent to three (3) months after the time period covered by the invoice may be subject to non-payment. Additions or adjustments by the Insurer to previously received invoices which are received by BAL or its designee subsequent to six (6) months after the time period covered by the invoice may also be subject to non-payment. The parties acknowledge and agree that the funds, assets and/or accounts covered under this Agreement (the "“Assets"”) will not be subject to fees or any additional payment arrangements with the Fund, BAL or BlackRock Investments, LLC (collectively, the "“Fund Parties"”) or any of their respective affiliates for administrative, sub-transfer agency, sub-accounting or networking services or for any similar services ("“Services"”), other than as described herein. The Insurer covenants that neither it, any of its affiliates, nor any entity with which the Insurer or any of its affiliates has established a contractual arrangement with respect to the Assets (a "“Third Party Entity"”) will invoice any of the Fund Parties or any of their respective affiliates for duplicative fees as described in the preceding sentence. If the Insurer, any affiliate of the Insurer or any Third Party Entity invoices any of the Fund Parties or any of their respective affiliates for duplicative fees for Services with respect to the Assets, upon the Insurer's ’s discovery of such occurrence or upon the request of BAL or its designee, the Insurer will promptly refund to BAL or its designee any duplicative fees paid to Insurer, any of its affiliates or any Third Party Entity. Refunds shall be made no more than thirty (30) days after the Insurer discovers the duplicative payment or receives a request of repayment of duplicative fees from BAL or its designee. If duplicative fees are not timely repaid to BAL or its designee, the Insurer authorizes any of the Fund Parties or any of their respective affiliates to offset such duplicative fees against any funds otherwise payable to the Insurer, any of its affiliates or any Third Party Entity by any of the Fund Parties or any of their respective affiliates including, without limitation, commissions or services fees. The parties acknowledge and understand that affiliates of BAL and/or BlackRock Investments, LLC are parties to separate agreements under which fees or other payments will be made to Insurer and/or Insurer's affiliate(s). Any invoices shall only cover time periods for which this Agreement is in effect.
(e) Notwithstanding anything herein to the contrary, BAL or its designee shall not be obligated to make any payments under this Agreement that exceed the maximum amounts permitted under any applicable rule or regulation, including any rule promulgated by the Financial Industry Regulatory Authority ("“FINRA"”).
(f) The Insurer hereby represents that the fees paid to it pursuant to this Agreement are reasonable in relation to the services it provides and reasonably similar to fees it receives for equivalent services provided to other parties.
(g) For the purpose of computing payments to the Insurer under this Section 1 with respect to any Separate Account, the average daily assets attributable to shares of a Portfolio held by the Separate Account for any calendar quarter will be computed by totaling the share net asset value multiplied by total number of shares of the Portfolio held by the Separate Account on each calendar day during the calendar quarter and dividing by the total number of calendar days during such calendar quarter.
Appears in 1 contract
Samples: Administrative Services Agreement (MEMBERS Horizon Variable Separate Account)
Administrative Expense Payments. (a) BAL or its designee shall pay the Insurer an annual fee equal to 25 basis points (0.25( %) of the average daily assets attributable to shares of the equity and fixed income Portfolios, excluding index Portfolios, described on Schedule B of the Participation Agreement that are held in Separate Accounts of the Insurer. Such payments shall be paid quarterly in arears.
(b) BAL or its designee shall pay the Insurer an annual fee equal to 15 basis points (0.15%) of the average daily assets attributable to shares of the fixed Income Portfolios, excluding index Portfolios, described on Schedule B of the Participation Agreement that are held in Separate Accounts of the Insurer.
(c) BAL or its designee shall pay the Insurer an annual fee equal to 5 basis points (0.05( %) of the average daily assets attributable to shares of the index Portfolios described on Schedule B of the Participation Agreement that are held in Separate Accounts of the Insurer. Such payments shall be paid quarterly in arears.
(dc) The Insurer shall calculate the payment contemplated by this Section 1 at the end of each calendar quarter ("“Quarterly Payment"”) and shall submit invoices on a quarterly basis to BAL or its designee at XxxXxxxxxxx.xxxxxxxx@xxxxxxxxx.xxx XxxXxxxxxxx.Xxxxxxxx@xxxxxxxxx.xxx or such other email address specified by BAL or its designee from time to time. The invoice will be submitted in a Microsoft Excel format and will include the following information:
1. Total average daily assets during the period covered by the invoice by CUSIP and account.
2. The total number of sub-accounts serviced by the Insurer within an omnibus account.
3. The basis point rate that applies to each CUSIP and account.
34. The subtotal amounts due by CUSIP.
45. The total amount due.
56. Payment instructions (Wire/ Wire/ACH).
67. Invoice contact information for the Insurer.
8. The Identifier. Invoices must be received in a timely manner. Any initial invoice which is received by BAL or its designee subsequent to three (3) months after the time period covered by the invoice may be subject to non-payment. Additions or adjustments by the Insurer to previously received invoices which are received by BAL or its designee subsequent to six (6) months after the time period covered by the invoice may also be subject to non-payment. The parties acknowledge and agree that the funds, assets and/or accounts covered under this Agreement (the "“Assets"”) will not be subject to fees or any additional payment arrangements with the Fund, BAL or BlackRock Investments, LLC (collectively, the "“Fund Parties"”) or any of their respective affiliates for administrative, sub-transfer agency, sub-accounting or networking services or for any similar services ("“Services"”), other than as described herein. The Insurer covenants that neither it, any of its affiliates, nor any entity with which the Insurer or any of its affiliates has established a contractual arrangement with respect to the Assets (a "“Third Party Entity"”) will invoice any of the Fund Parties or any of their respective affiliates for duplicative fees as described in the preceding sentence. If the Insurer, any affiliate of the Insurer or any Third Party Entity invoices any of the Fund Parties or any of their respective affiliates for duplicative fees for Services with respect to the Assets, upon the Insurer's ’s discovery of such occurrence or upon the request of BAL or its designee, the Insurer will promptly refund to BAL or its designee any duplicative fees paid to Insurer, any of its affiliates or any Third Party Entity. Refunds shall be made no more than thirty (30) days after the Insurer discovers the duplicative payment or receives a request of repayment of duplicative fees from BAL or its designee. If duplicative fees are not timely repaid to BAL or its designee, the Insurer authorizes any of the Fund Parties or any of their respective affiliates to offset such duplicative fees against any funds otherwise payable to the Insurer, any of its affiliates or any Third Party Entity by any of the Fund Parties or any of their respective affiliates including, without limitation, commissions or services fees. The parties acknowledge and understand that affiliates of BAL and/or BlackRock Investments, LLC are parties to separate agreements under which fees or other payments will be made to Insurer and/or Insurer's affiliate(s). Any invoices shall only cover time periods for which this Agreement is in effect.
(e) Notwithstanding anything herein to the contrary, BAL or its designee shall not be obligated to make any payments under this Agreement that exceed the maximum amounts permitted under any applicable rule or regulation, including any rule promulgated by the Financial Industry Regulatory Authority ("FINRA").
(f) The Insurer hereby represents that the fees paid to it pursuant to this Agreement are reasonable in relation to the services it provides and reasonably similar to fees it receives for equivalent services provided to other parties.
(g) For the purpose of computing payments to the Insurer under this Section 1 with respect to any Separate Account, the average daily assets attributable to shares of a Portfolio held by the Separate Account for any calendar quarter will be computed by totaling the share net asset value multiplied by total number of shares of the Portfolio held by the Separate Account on each calendar day during the calendar quarter and dividing by the total number of calendar days during such calendar quarter.. Payment Instructions:
Appears in 1 contract
Samples: Administrative Services Agreement (Massachusetts Mutual Variable Life Separate Account I)
Administrative Expense Payments. (a) BAL or its designee shall pay the Insurer an annual fee equal to 25 basis points (0.25%) [_______] of the average daily assets attributable to shares of the equity Portfolios, excluding index Portfolios, described on Schedule B of the Participation Agreement that are held in Separate Accounts of the Insurer. Such payments shall be paid quarterly in arears.
(b) BAL or its designee shall pay the Insurer an annual fee equal to 15 basis points (0.15%) [_______] of the average daily assets attributable to shares of the fixed Income Portfolios, excluding index Portfolios, described on Schedule B of the Participation Agreement that are held in Separate Accounts of the Insurer. Such payments shall be paid quarterly in arears.
(c) BAL or its designee shall pay the Insurer an annual fee equal to 5 basis points (0.05%) [_______] of the average daily assets attributable to shares of the index Portfolios described on Schedule B of the Participation Agreement that are held in Separate Accounts of the Insurer. Such payments shall be paid quarterly in arears.
(d) The Insurer shall calculate the payment contemplated by this Section 1 at the end of each calendar quarter ("“Quarterly Payment"”) and shall submit invoices on a quarterly basis to BAL or its designee at XxxXxxxxxxx.xxxxxxxx@xxxxxxxxx.xxx XxxXxxxxxxx.Xxxxxxxx@xxxxxxxxx.xxx or such other email address specified by BAL or its designee from time to time. The invoice will be submitted in a Microsoft Excel format and will include the following information:
1. Total average daily assets during the period covered by the invoice by CUSIP and account.
2. The basis point rate that applies to each CUSIP and account.
3. The subtotal amounts due by CUSIP.
4. The total amount due.
5. Payment instructions (Wire/ Wire/ACH).
6. Invoice contact information for the Insurer.
7. The Identifier. Invoices must be received in a timely manner. Any initial invoice which is received by BAL or its designee subsequent to three (3) months after the time period covered by the invoice may be subject to non-payment. Additions or adjustments by the Insurer to previously received invoices which are received by BAL or its designee subsequent to six (6) months after the time period covered by the invoice may also be subject to non-payment. The parties acknowledge and agree that the funds, assets and/or accounts covered under this Agreement (the "“Assets"”) will not be subject to fees or any additional payment arrangements with the Fund, BAL or BlackRock Investments, LLC (collectively, the "“Fund Parties"”) or any of their respective affiliates for administrative, sub-transfer agency, sub-accounting or networking services or for any similar services ("“Services"”), other than as described herein. The Insurer covenants that neither it, any of its affiliates, nor any entity with which the Insurer or any of its affiliates has established a contractual arrangement with respect to the Assets (a "“Third Party Entity"”) will invoice any of the Fund Parties or any of their respective affiliates for duplicative fees as described in the preceding sentence. If the Insurer, any affiliate of the Insurer or any Third Party Entity invoices any of the Fund Parties or any of their respective affiliates for duplicative fees for Services with respect to the Assets, upon the Insurer's ’s discovery of such occurrence or upon the request of BAL or its designee, the Insurer will promptly refund to BAL or its designee any duplicative fees paid to Insurer, any of its affiliates or any Third Party Entity. Refunds shall be made no more than thirty (30) days after the Insurer discovers the duplicative payment or receives a request of repayment of duplicative fees from BAL or its designee. If duplicative fees are not timely repaid to BAL or its designee, the Insurer authorizes any of the Fund Parties or any of their respective affiliates to offset such duplicative fees against any funds otherwise payable to the Insurer, any of its affiliates or any Third Party Entity by any of the Fund Parties or any of their respective affiliates including, without limitation, commissions or services fees. The parties acknowledge and understand that affiliates of BAL and/or BlackRock Investments, LLC are parties to separate agreements under which fees or other payments will be made to Insurer and/or Insurer's affiliate(s). Any invoices shall only cover time periods for which this Agreement is in effect.
(e) Notwithstanding anything herein to the contrary, BAL or its designee shall not be obligated to make any payments under this Agreement that exceed the maximum amounts permitted under any applicable rule or regulation, including any rule promulgated by the Financial Industry Regulatory Authority ("“FINRA"”).
(f) The Insurer hereby represents that the fees paid to it pursuant to this Agreement are reasonable in relation to the services it provides and reasonably similar to fees it receives for equivalent services provided to other parties.
(g) For the purpose of computing payments to the Insurer under this Section 1 with respect to any Separate Account, the average daily assets attributable to shares of a Portfolio held by the Separate Account for any calendar quarter will be computed by totaling the share net asset value multiplied by total number of shares of the Portfolio held by the Separate Account on each calendar day during the calendar quarter and dividing by the total number of calendar days during such calendar quarter.
Appears in 1 contract
Samples: Administrative Services Agreement (Massachusetts Mutual Variable Annuity Separate Account 4)