Central Time. If payment in federal funds for any purchase is not received or is received by the Fund after 3:00 p.m. Central Time on such Business Day, the Company shall promptly, upon the Fund’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowings or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. For purposes of Section 2.8 and 2.9 hereof, upon receipt by the Fund of the federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
Appears in 11 contracts
Samples: Participation Agreement (Farm Bureau Life Variable Account), Participation Agreement (Farm Bureau Life Annuity Account), Participation Agreement (Country Investors Variable Life Account)
Central Time. If payment in federal funds for any purchase is not received or is received by the Fund after 3:00 p.m. Central Time on such Business Day, the Company Society shall promptly, upon the Fund’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowings or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. For purposes of Section 2.8 and 2.9 hereof, upon receipt by the Fund of the federal funds so wired, such funds shall cease to be the responsibility of the Company Society and shall become the responsibility of the Fund.
Appears in 2 contracts
Samples: Participation Agreement (Modern Woodmen of America Variable Annuity Account), Participation Agreement (Modern Woodmen of America Variable Account)