Common use of Misdirected Payments Clause in Contracts

Misdirected Payments. In the event that Premiums or loan repayments are _____________________ sent to General Agent or Broker-Dealer, rather than to Life Company, General Agent or Broker-Dealer shall promptly (and in no event later than the time permitted under applicable law or the rules of the NASD ) remit such Premiums to the Service Center. General Agent and Broker-Dealer acknowledge that if any Premium or other payment is held at any time by either of them, such Premium or other payment shall be held on behalf of the client, and General Agent or Broker-Dealer shall segregate such Premium or other payment from their own funds and promptly (and in no event later than the time permitted under applicable law or the rules of the NASD ) remit such Premium or other payment to Life Company through the Service Center.

Misdirected Payments. In the event that Premiums or loan repayments are _____________________ sent to General Agent or Broker-Dealer, rather than to Life Company, General Agent or Broker-Dealer shall promptly (and in no event later than the time permitted under applicable law or the rules of the NASD ) remit such Premiums to the Service Center. General Agent and Broker-Dealer acknowledge that if any Premium or other payment is held at any time by either of them, such Premium or other payment shall be held on behalf of the client, and General Agent or Broker-Dealer shall segregate such Premium or other payment from their own funds and promptly (and in no event later than the time permitted under applicable law or the rules of the NASD ) remit such Premium or other payment to Life Company through the Service Center.

Misdirected Payments. In the event that Premiums or loan repayments are _____________________ sent to General Agent or Broker-Dealer, rather than to Life Company, General Agent or Broker-Dealer shall promptly (and in no event later than the time permitted under applicable law or the rules of the NASD NASD) remit such Premiums to the Service Center. General Agent and Broker-Dealer acknowledge that if any Premium or other payment is held at any time by either of them, such Premium or other payment shall be held on behalf of the client, and General Agent or Broker-Dealer shall segregate such Premium or other payment from their own funds and promptly (and in no event later than the time permitted under applicable law or the rules of the NASD NASD) remit such Premium or other payment to Life Company through the Service Center.