Common use of How Contributions Are Handled Clause in Contracts

How Contributions Are Handled. (a) When a Contribution is received at the Home Office, it shall be credited to Participant Accounts as directed in written allocation instructions. (b) The initial Contribution for a Participant shall be credited and allocated to the Participant Account no later than the close of business on the second business day of AUL after the later of (1) the business day that AUL receives the initial Contribution at its Home Office, or (2) the business day that AUL receives, at its Home Office, the data required to establish the Participant Account and allocation instructions regarding the initial Contribution. If the data required to establish the Participant Account and allocation instructions regarding the initial Contribution are not received by AUL at its Home Office within 5 business days after AUL first receives the initial Contribution, AUL shall return the initial Contribution to the contributing party unless consent is given to AUL to retain the initial Contribution until AUL receives the data and allocation instructions for the Participant. Alternatively, if the data required to establish the Participant Account and allocation instructions regarding the initial Contribution are not received by AUL at its Home Office when AUL first receives the initial Contribution, to the extent permitted by applicable law, AUL may allocate the initial Contribution to the Money Market Investment Account, and shall transfer such amounts credited to the Money Market Investment Account according to the applicable allocation instructions upon receipt of the data required to establish the Participant Account and allocation instructions. (c) All Contributions subsequent to the initial Contribution shall be credited and allocated as of the close of business on the Valuation Period in which AUL receives the Contribution at its Home Office, provided that the Contribution is received by 4:00 p.m.

How Contributions Are Handled. (a) When a Contribution is Contributions received at AUL's Home Office shall be identified by the Home Office, it Contractholder and shall be credited to the appropriate subaccounts of each of the Participant Accounts as directed by the Contractholder in written allocation instructions. Code Section 403(b) Contributions shall be identified as Elective Deferrals, Employee Mandatory Contributions, or Employer Contributions. (b) Within any one Participant Account, the amount so credited shall be allocated to an Investment Option in increments elected in a form acceptable by AUL by the Contractholder or by that person designated in writing to AUL by the Contractholder. If no Investment Option election is made with respect to a particular Contribution to any Participant Account, AUL shall process such credits in accordance with the Investment Option election applicable to the immediately preceding Contribution. The Contractholder or such designated person may change an Investment Option election with respect to future allocations to the applicable Participant Account by giving new Investment Option elections to AUL at its Home Office in a form acceptable to AUL. (c) The initial Contribution for a Participant shall be credited and allocated to the Participant Account no later than the close of business on the second business day of AUL after the later of (1) the business day that AUL receives the initial Contribution at its Home Office, Office or (2) the business day that AUL receives, at its Home Office, the data required to establish the Participant Account Account, instructions regarding the amount of the initial Contribution for the Participant, and allocation instructions Investment Option elections regarding the initial Contribution. . (1) For Code Section 401(a) Contributions: If the data required to establish the a Participant Account and allocation instructions regarding the initial amount of a Contribution for the Participant are not received by AUL at its Home Office within 5 business days after as of the date AUL first receives the initial that Contribution, AUL shall return the initial allocate that Contribution to the contributing party unless consent is given to AUL to retain the initial Contribution until AUL receives the data and allocation instructions for the Participant. Alternativelya suspense account within AUL's general asset account, if the data required to establish the Participant Account and allocation instructions regarding the initial Contribution are not received by AUL which shall earn interest at its Home Office when AUL first receives the initial Contribution, rates equal to the extent permitted by applicable law, AUL may allocate the initial Contribution Current Rates of Interest which would have been earned had such Contributions been allocated to the Money Market Investment Account, and shall transfer Fixed Interest Account on the date such amounts credited Contribution was allocated to the Money Market Investment Account according to the applicable allocation instructions upon receipt of the data required to establish the Participant Account and allocation instructionssuspense account. (c2) All Contributions subsequent to the initial Contribution shall be credited and allocated as of the close of business on the Valuation Period in which AUL receives the Contribution at its Home Office, provided that the Contribution is received by 4:00 p.m.For Code Section 403(b)