Common use of Eastern time each Business Day Clause in Contracts

Eastern time each Business Day. 1.11 For purposes of Articles 1 and 4, the Fund or the Adviser shall be liable to the Company for any amount the Company is required to pay to contractowners or participants due to (i) an in correct calculation of a Fund's daily net asset value, dividend rate, or capital gain distribution rate or (ii) incorrect or late reporting of the daily net asset value, capital gain distribution rate of a Fund, upon written notification by the Company, with supporting data, to the Adviser. In addition, the Fund or the Adviser shall be liable to the Company for systems and out of pocket costs incurred by the Company in making a contractowner's or participant's account whole, if such costs or expenses are a result of the Fund's failure to provide timely or correct net asset values, dividend and capital gains or financial information and if such information is not corrected by 4 p.m. EST of the next business day after releasing such incorrect information provided the incorrect NAV as well as the correct NAV for each day that the error occurred is provided. If a mistake is caused in supplying such information or confirmations, which results in a reconciliation with incorrect information, the amount required to make a contractowner's or participant's account whole shall be borne by the party providing the incorrect information, regardless of when the error is corrected.