Common use of Non-Payment of the Policy Charge Clause in Contracts

Non-Payment of the Policy Charge. In the event of non-payment by the Trustee of the Policy Charge, MPF is authorised in its discretion to either (i) deduct the Policy Charge from any Contribution or Contributions which are paid; or (ii) to discharge whole or part of the Policy Charge by cancelling a number of Contribution Units in such Sub-Fund or Sub-Funds and on such Dealing Day as may be selected by MPF in its sole discretion and deducting the due Policy Charge from the redemption proceeds. For the avoidance of doubt, to the extent that MPF deducts any such Policy Charge amount from the redemption proceeds the Trustee will cease to owe that Policy Charge amount to MPF. Also for the avoidance of doubt, this clause is not applicable in respect of net Sub-Funds (in respect of which the Policy Charge is deducted from the Sub-Fund in accordance with the Fee & Instruction Agreement).

Non-Payment of the Policy Charge. In the event of non-payment by the Trustee Insurer of the Policy Charge, MPF is authorised in its discretion to either (i) deduct the Policy Charge from any Contribution or Contributions which are paid; or (ii) to discharge whole or part of the Policy Charge by cancelling a number of Contribution Units in such Sub-Fund or Sub-Funds and on such Dealing Day as may be selected by MPF in its sole discretion and deducting the due Policy Charge from the redemption proceeds. For the avoidance of doubt, to the extent that MPF deducts any such Policy Charge amount from the redemption proceeds the Trustee Insurer will cease to owe that Policy Charge amount to MPF. Also for the avoidance of doubt, this clause is not applicable in respect of net Sub-Funds (in respect of which the Policy Charge is deducted from the Sub-Fund in accordance with the Fee & Instruction Agreement).