Common use of Contractual Settlement Services (Purchase / Sales) Clause in Contracts

Contractual Settlement Services (Purchase / Sales). SECTION 4.1 The Custodian shall, in accordance with the terms set out in this section, debit or credit the appropriate cash account of the Account in connection with (i) the purchase of securities for the Account, and (ii) proceeds of the sale of securities held on behalf of the Account, on a contractual settlement basis. SECTION 4.2 The services described above (the “Contractual Settlement Services”) shall be provided for such instruments and in such markets as the Custodian may advise from time to time. The Custodian may terminate or suspend any part of the provision of the Contractual Settlement Services under this Agreement at its sole discretion immediately upon notice to the Insurance Company on behalf of the Account, including, without limitation, in the event of: (i) nationalization, expropriation, currency restrictions, acts of war, revolution, riots or terrorism, interruption, suspension or restriction of trading on or the closure of any securities market, power or other mechanical or technological failures or interruptions, computer viruses or communications disruptions, work stoppages, labor strikes, natural disasters, or similar events affecting settlement; (ii) any disorder in markets; or (iii) other changed external business circumstances affecting markets or the Insurance Company. SECTION 4.3 The consideration payable in connection with a purchase transaction shall be debited from the appropriate cash account of the Account as of the time and date that monies would ordinarily be required to settle such transaction in the applicable market. The Custodian shall promptly recredit such amount at the time that the Insurance Company notifies the Custodian by Proper Instruction that such transaction has been canceled. SECTION 4.4 With respect to the settlement of a sale of securities, a provisional credit of an amount equal to the net sale price for the transaction (the “Settlement Amount”) shall be made to the account of the Account as if the Settlement Amount had been received as of the close of business on the date that monies would ordinarily be available in good funds in the applicable market. Such provisional credit will be conditioned upon (i) the Custodian having received Proper Instructions with respect to, or reasonable notice of, the transaction, as applicable and (ii) the Custodian or its agents having possession of the asset(s) (which shall exclude assets subject to any third party lending arrangement entered into by the Insurance Company on behalf of the Account) associated with the transaction in good deliverable form and not being aware of any facts which would lead them to believe that the transaction will not settle in the time period ordinarily applicable to such transactions in the applicable market. SECTION 4.5 The Custodian shall have the right to reverse any provisional credit or debit given in connection with the Contractual Settlement Services at any time when the Custodian believes, in its reasonable judgment, that such transaction will not settle in accordance with its terms or amounts due pursuant thereto will not be collectable or where the Custodian has not been provided Proper Instructions with respect thereto, as applicable, and the Insurance Company, on behalf of the Account, shall be responsible for any reasonable costs or liabilities resulting from such reversal. Upon such reversal, a sum equal to the credited or debited amount shall become immediately payable by the Account to the Custodian and may be debited from any cash account held for benefit of the Account. SECTION 4.6 In the event that the Custodian is unable to debit an account of the Account, and the Insurance Company fails to pay any amount due to the Custodian at the time such amount becomes payable in accordance with this Agreement, (i) the Custodian may charge the Account for reasonable costs and expenses associated with providing the provisional credit, including, without limitation, the reasonable cost of funds associated therewith, (ii) the amount of any accrued dividends, interest and other distributions with respect to assets associated with such transaction may be set off against the credited amount, (iii) the provisional credit and any such costs and expenses shall be considered an advance of cash for purposes of the Agreement and (iv) the Custodian shall have the right to setoff against any property and the discretion to sell, exchange, convey, transfer or otherwise dispose of any property at any time held for the account of the Account to the full extent necessary for the Custodian to make itself whole.

Contractual Settlement Services (Purchase / Sales). SECTION 4.1 5.1 The Custodian shall, in accordance with the terms set out in this section, debit or credit the appropriate cash account of the Account each Fund in connection with (i) the purchase of securities for the Accountsuch Fund, and (ii) proceeds of the sale of securities held on behalf of the Accountsuch Fund, on a contractual settlement basis. SECTION 4.2 5.2 The services described above (the “Contractual Settlement Services”) shall be provided for such instruments and in such markets as the Custodian may advise from time to time. The Custodian may terminate or suspend any part of the provision of the Contractual Settlement Services under this Agreement at its sole discretion immediately upon notice to the Insurance Company on behalf of the Accountapplicable Fund, including, without limitation, in the event of: (i) nationalization, expropriation, currency restrictions, acts of war, revolution, riots or terrorism, interruption, suspension or restriction of trading on or the closure of any securities market, power or other mechanical or technological failures or interruptions, computer viruses or communications disruptions, work stoppages, labor strikes, natural disasters, or similar force majeure events affecting settlement; (ii) settlement or any material disorder in applicable securities markets; or (iii) other changed external business circumstances affecting markets or the Insurance Company. SECTION 4.3 5.3 The consideration payable in connection with a purchase transaction shall be debited from the appropriate cash account of the Account applicable Fund as of the time and date that monies would ordinarily be required to settle such transaction in the applicable market. The Custodian shall promptly recredit such amount at the time that the Insurance Company Fund notifies the Custodian by Proper Instruction that such transaction has been canceled. SECTION 4.4 5.4 With respect to the settlement of a sale of securities, a provisional credit of an amount equal to the net sale price for the transaction (the “Settlement Amount”) shall be made to the account of the Account applicable Fund as if the Settlement Amount had been received as of the close of business on the date that monies would ordinarily be available in good funds in the applicable market. Such provisional credit will be conditioned made conditional upon (i) the Custodian Custodian’s having received Proper Instructions with respect to, or reasonable notice of, the transaction, as applicable applicable; and (ii) the Custodian or its agents agent’s having possession of the asset(s) (which shall exclude assets subject to any third party lending arrangement entered into by the Insurance Company on behalf of the Accounta Fund) associated with the transaction in good deliverable form and not being aware of any facts which would lead them to believe that the transaction will not settle in the time period ordinarily applicable to such transactions in the applicable market. SECTION 4.5 5.5 Simultaneously with the making of such provisional credit, the Fund agrees that the Custodian shall have, and hereby grants to the Custodian, a security interest in any property at any time held for the account of the Fund to the full extent of the credited amount, and each Fund hereby pledges, assigns and grants to the Custodian a continuing security interest and a lien on any and all such property under the Custodian’s possession, in accordance with the terms of Section 16 of this Agreement. In the event that the applicable Fund fails to promptly repay any provisional credit, the Custodian shall have all of the rights and remedies of a secured party under the Uniform Commercial Code of The Commonwealth of Massachusetts. 5.6 The Custodian shall have the right to reverse any provisional credit or debit given in connection with the Contractual Settlement Services at any time when the Custodian believes, in its reasonable judgment, that such transaction will not settle in accordance with its terms or amounts due pursuant thereto will not be collectable or where the Custodian has not been provided Proper Instructions with respect thereto, as applicable, and the Insurance Company, on behalf of the Account, Fund shall be responsible for any reasonable costs or liabilities resulting from such reversal. Upon such reversal, a sum equal to the credited or debited amount shall become immediately payable by the Account Fund to the Custodian and may be debited from any cash account held for benefit of the AccountFund. SECTION 4.6 5.7 In the event that the Custodian is unable to debit an account in accordance with Section 5.6 above of the AccountFund, and the Insurance Company Fund fails to pay any amount due to the Custodian at the time such amount becomes payable in accordance with Section 5.6 this Agreement, (i) the Custodian may charge the Account Fund for reasonable costs and expenses associated with providing the provisional credit, including, including without limitation, limitation the reasonable cost of funds associated therewith, (ii) the amount of any accrued dividends, interest and other distributions with respect to assets associated with such transaction may be set off against the credited amount, (iii) the provisional credit and any such costs and expenses shall be considered an advance of cash for purposes of the this Agreement and (iv) the Custodian shall have the right to setoff against any property and the discretion to sell, exchange, convey, transfer or otherwise dispose of any property at any time held for the account of the Account Fund to the full extent necessary for the Custodian to make itself whole, provided, however, that the Custodian shall notify the applicable Fund promptly following any such disposition of any property of the Fund, state the reason for such disposition and list the property disposed of.

Contractual Settlement Services (Purchase / Sales). SECTION 4.1 5.1 The Custodian shall, in accordance with the terms set out in this section, debit or credit the appropriate cash account of the Account each Portfolio in connection with (i) the purchase of securities for the Accountsuch Portfolio, and (ii) proceeds of the sale of securities held on behalf of the Accountsuch Portfolio, on a contractual settlement basis. SECTION 4.2 5.2 The services described above (the “Contractual Settlement Services”) shall be provided for such instruments and in such markets as the Custodian may advise from time to time. The Custodian may terminate or suspend any part of the provision of the Contractual Settlement Services under this Agreement at its sole discretion immediately upon notice to the Insurance Company Fund on behalf of the Accounteach Portfolio, including, without limitation, in the event of: (i) nationalization, expropriation, currency restrictions, acts of war, revolution, riots or terrorism, interruption, suspension or restriction of trading on or the closure of any securities market, power or other mechanical or technological failures or interruptions, computer viruses or communications disruptions, work stoppages, labor strikes, natural disasters, or similar events affecting settlement; (ii) any disorder in markets; or (iii) other changed external business circumstances affecting markets or the Insurance CompanyFund. SECTION 4.3 5.3 The consideration payable in connection with a purchase transaction shall be debited from the appropriate cash account of the Account Portfolio as of the time and date that monies would ordinarily be required to settle such transaction in the applicable market. The Custodian shall promptly recredit such amount at the time that the Insurance Company Portfolio or the Fund notifies the Custodian by Proper Instruction that such transaction has been canceled. SECTION 4.4 5.4 With respect to the settlement of a sale of securities, a provisional credit of an amount equal to the net sale price for the transaction (the “Settlement Amount”) shall be made to the account of the Account Portfolio as if the Settlement Amount had been received as of the close of business on the date that monies would ordinarily be available in good funds in the applicable market. Such provisional credit will be conditioned upon (i) the Custodian having received Proper Instructions with respect to, or reasonable notice of, the transaction, as applicable and (ii) the Custodian or its agents having possession of the asset(s) (which shall exclude assets subject to any third party lending arrangement entered into by the Insurance Company on behalf of the Accounta Portfolio) associated with the transaction in good deliverable form and not being aware of any facts which would lead them to believe that the transaction will not settle in the time period ordinarily applicable to such transactions in the applicable market. SECTION 4.5 5.5 The Custodian shall have the right to reverse any provisional credit or debit given in connection with the Contractual Settlement Services at any time when the Custodian believes, in its reasonable judgment, that such transaction will not settle in accordance with its terms or amounts due pursuant thereto will not be collectable or where the Custodian has not been provided Proper Instructions with respect thereto, as applicable, and the Insurance Company, on behalf of the Account, Portfolio shall be responsible for any reasonable costs or liabilities resulting from such reversal. Upon such reversal, a sum equal to the credited or debited amount shall become immediately payable by the Account Portfolio to the Custodian and may be debited from any cash account held for benefit of the AccountPortfolio. SECTION 4.6 5.6 In the event that the Custodian is unable to debit an account of the AccountPortfolio, and the Insurance Company Portfolio fails to pay any amount due to the Custodian at the time such amount becomes payable in accordance with this Agreement, (i) the Custodian may charge the Account Portfolio for reasonable costs and expenses associated with providing the provisional credit, including, without limitation, the reasonable cost of funds associated therewith, (ii) the amount of any accrued dividends, interest and other distributions with respect to assets associated with such transaction may be set off against the credited amount, (iii) the provisional credit and any such costs and expenses shall be considered an advance of cash for purposes of the Agreement and (iv) the Custodian shall have the right to setoff against any property and the discretion to sell, exchange, convey, transfer or otherwise dispose of any property at any time held for the account of the Account Portfolio to the full extent necessary for the Custodian to make itself whole.