Operational Procedures. The Company will receive instructions from Contract Owners for the purchase, redemption and exchange of shares of the Portfolios (“Instructions”), and shall aggregate and calculate the net purchase and redemption orders for each Account received each Business Day prior to the close of the New York Stock Exchange (generally 4:00 p.m. Eastern Time) (“Market Close”). The Company will not aggregate Instructions received from the Contract Owners after Market Close with Instructions it received before Market Close, and warrants that its internal control structure concerning the processing and transmission of Instructions is suitably designed to prevent or detect on a timely basis Instructions received after Market Close from being aggregated with Instructions received before Market Close and to minimize errors that could result in late transmission of Instructions. Instructions received by the Company before Market Close on any Business Day will receive that day’s NAV. Instructions received by the Company after Market Close on any Business Day will be treated as received on the next Business Day and will be executed at the next Business Day’s NAV.
Appears in 11 contracts
Samples: Fund Participation Agreement (Talcott Resolution Life & Annuity Insurance Co Separate Account One), Fund Participation Agreement (Separate Account a of Union Security Life Ins Co of New York), Fund Participation Agreement (Talcott Resolution Life & Annuity Insurance Co Separate Account Seven)
Operational Procedures. The Company Pruco will receive instructions from the Contract Owners for the purchase, redemption and exchange of shares of the Portfolios (“Instructions”), and shall aggregate and calculate the net purchase and redemption orders for each Account received each Business Day prior to the close of the New York Stock Exchange (generally 4:00 p.m. Eastern Time) (“Market Close”). The Company Pruco will not aggregate Instructions received from the Contract Owners after Market Close with Instructions it received before Market Close, and warrants that its internal control structure concerning the processing and transmission of Instructions is suitably designed to prevent or detect on a timely basis Instructions received after Market Close from being aggregated with Instructions received before Market Close and to minimize errors that could result in late transmission of Instructions. Instructions received by the Company Pruco before Market Close on any Business Day will receive that day’s NAV. Instructions received by the Company Pruco after Market Close on any Business Day will be treated as received on the next Business Day and will be executed at the next Business Day’s NAV.
Appears in 2 contracts
Samples: Fund Participation Agreement (Hartford HLS Series Fund Ii Inc), Fund Participation Agreement (Hartford Series Fund Inc)
