Indemnification for Errors. In the event of any error or delay with respect to information regarding the purchase, redemption, transfer or registration of Shares of the Fund, the parties agree that each is obligated to make the Separate Accounts and/or the Fund, respectively, whole for any error or delay that it causes, subject in the case of Fund pricing errors to the related Portfolio’s policies on materiality of pricing errors. In addition, each party agrees that neither will receive compensation from the other for the costs of any reprocessing necessary as a result of an error or delay; provided, however, that in the event of a material error, the Fund shall bear the reasonable and necessary expense of correcting such error, which expenses shall not exceed the sum of $3,000 for such error. Each party agrees to provide the other with prompt notice of any errors or delays of the type referred to in this Section.
Appears in 12 contracts
Samples: Fund Participation Agreement (Pacific Select Exec Separate Acct Pacific Life Ins), Fund Participation Agreement (Pacific Select Exec Separate Account of Pacific Life & Annui), Fund Participation Agreement (Pacific Select Exec Separate Acct Pacific Life Ins)
