Common use of Order Procedures Clause in Contracts

Order Procedures. Orders for purchase and redemption will be executed at the net asset value next computed after receipt by the Trust or its designee of such order. For purposes of this Section 2.13, the Company shall be the designee of the Trust for receipt of purchase and redemption orders from the Account and receipt by such designee shall constitute receipt by the Trust; provided that the Company complies with all applicable DTCC rules and procedures. The Company shall communicate to the Trust, by Fund/SERV, the purchase orders and redemption orders for each Account received by 4:00 p.m. Eastern time on Day 1 by no later than the NSCC's Defined Contribution Clearance & Settlement ("DCC&S") Cycle 8 on the following Business Day ("Day 2"). For the avoidance of doubt, orders received in proper form by the Company after the close of trading (currently 4:00 p.m. Eastern Time or such earlier time at which the applicable Portfolio closes) on any given Business Day shall be treated as if received on the next following Business Day.

Appears in 5 contracts

Samples: Fund/Serv Supplement to the Fund Participation Agreement (Pruco Life of New Jersey Variable Appreciable Account), Fund/Serv Supplement to the Fund Participation Agreement (Pruco Life of New Jersey Variable Appreciable Account), Fund/Serv Supplement to the Fund Participation Agreement (Pruco Life Variable Universal Account)

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