Common use of Payment Of Account Monies Clause in Contracts

Payment Of Account Monies. Upon receipt of Proper Instructions from the Company, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall, from Account monies, pay out such monies in the following cases only: 1. Upon the purchase of United States investments, including options, futures contracts or options on futures contracts, for the Account, but only (i) against the delivery of such investments, including evidence of title to such options, futures contracts or options on futures contracts, to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad as a custodian which has been designated by the Custodian as its agent for this purpose) registered in the name of the Company or in the name of a nominee of the Company or of the Custodian referred to in Section 2.C. hereof or in proper form for transfer; (ii) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.G. hereof; (iii) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.H.; (iv) in the case of repurchase agreements entered into between the Company and the Custodian, or another bank, or a broker-dealer which is a member of NASD, (A) against delivery of the investments either in certificated form or through an entry crediting the Custodian's account at the Federal Reserve Bank with such investments or (B) against delivery of the receipt evidencing purchase on behalf of the Company of investments owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such investments from the Company; or (v) for transfer to a time deposit account of the Company in any bank, whether in the United States or outside the United States, or any savings and loan; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank or savings and loan pursuant to Proper Instructions from the Company as defined in Section 6; 2. In connection with conversion, exchange or surrender of Account investments as set forth in Section 2.B. hereof; 3. For payment of the amount of dividends received in respect of Account investments sold short; 4. Upon the purchase of United States investments and prior to receipt of such investments, but only as set forth in written Proper Instructions (such payment in advance of delivery, along with delivery in advance of payment made in accordance with Section 2.B.14., as applicable, shall be referred to herein as a "Free Trade"); 5. For the payment of any expense or liability incurred by the Company with respect to the Account, including but not limited to the following payments: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses thereof whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; and 6. For any other proper purpose, but only upon receipt of Proper Instructions from the Company, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, and naming the person or persons to whom such payment is to be made.

Payment Of Account Monies. Upon receipt of Proper Instructions from the CompanyInstructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall, from Account monies, State Street shall pay out such monies in the following cases only: 1. Upon the purchase of United States investmentsdomestic securities, including options, futures contracts or options on futures contracts, contracts for the Account, but only (ia) against the delivery of such investments, including securities or evidence of title to such options, futures contracts or options on futures contracts, contracts to the Custodian State Street (or any bank, banking firm or trust company doing business in the United States or abroad as a custodian which has been designated by the Custodian State Street as its agent for this purpose) registered in the name of the Company or in the name of a nominee of the Company or of the Custodian State Street referred to in Section 2.C. 2.3 hereof or in proper form for transfer; (iib) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.G. 2.8 hereof; (iii) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.H.; (ivc) in the case of repurchase agreements entered into between the Company and the CustodianState Street, or another bank, or a broker-dealer which is a member of NASD, (Ai) against delivery of the investments securities either in certificated certificate form or through an entry crediting the CustodianState Street's account at the Federal Reserve Bank with such investments securities or (Bii) against delivery of the receipt evidencing purchase on behalf of by the Company of investments securities owned by the Custodian State Street along with written evidence of the agreement by the Custodian State Street to repurchase such investments securities from the Company; or (vd) for transfer to a time deposit account of the Company in any bank, whether in the United States domestic or outside the United States, or any savings and loanforeign; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank or savings and loan pursuant to Proper Instructions from the Company as defined in Section 6herein; 2. In connection with conversion, exchange or surrender of Account investments securities as set forth in Section 2.B. 2.2 hereof; 3. For payment of the amount of dividends received in respect of Account investments sold short; 4. Upon the purchase of United States investments and prior to receipt of such investments, but only as set forth in written Proper Instructions (such payment in advance of delivery, along with delivery in advance of payment made in accordance with Section 2.B.14., as applicable, shall be referred to herein as a "Free Trade"); 5. For the payment of any expense or liability incurred by the Company with respect to the AccountCompany, including but not limited to the following paymentspayments for the Account: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses thereof whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; and; 64. For payment of the amount of dividends received in respect of securities sold short; 5. For any other proper purpose, but only upon receipt of Proper Instructions from the Company, Company specifying the amount of such payment, setting forth the purpose for which such payment is to be made, and naming the person or persons to whom such payment is to be made.

Payment Of Account Monies. Upon The Custodian shall pay out monies of the Account upon receipt of Proper Instructions from on behalf of the CompanyAccount, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall, from Account monies, pay out such monies and only in the following cases onlycases: 1. ) Upon the purchase of United States investmentsdomestic securities, including options, futures contracts or options on futures contracts, contracts for the Account, account of the Account but only (ia) in accordance with customary or established market practices and procedures, including, without limitation, delivering money to the seller thereof or to a dealer therefor (or an agent for such seller or dealer) against the expectation of receiving later delivery of such investments, including securities or evidence of title to such options, futures contracts or options on futures contracts, contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad as a custodian which has been designated by the Custodian as its agent for this purpose) registered in the name of the Company Account or in the name of a nominee of the Company Account or of the Custodian referred to in Section 2.C. 2.3 hereof or in proper form for transfer; (iib) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.G. 2.9 hereof; (iiic) in the case of a purchase involving the Direct Paper Systemof Underlying Shares, in accordance with the conditions set forth in Section 2.H.2.11 hereof; (ivd) in the case of repurchase agreements entered into between the Insurance Company on behalf of the Account and the Custodian, or another bank, or a broker-dealer which is a member of NASDFINRA, (Ai) against delivery of the investments securities either in certificated form or through an entry crediting the Custodian's ’s account at the Federal Reserve Bank with such investments securities or (Bii) against delivery of the receipt evidencing purchase on behalf by the Account of the Company of investments securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such investments securities from the CompanyAccount; or (ve) for transfer to a time deposit account of the Insurance Company in any bank, whether in the United States domestic or outside the United States, or any savings and loanforeign; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank or savings and loan pursuant to Proper Instructions from the Insurance Company as defined in Section 6herein; 2. ) In connection with conversion, exchange or surrender of securities owned by the Account investments as set forth in Section 2.B. 2.2 hereof; 3. For payment of the amount of dividends received in respect of Account investments sold short; 4. Upon the purchase of United States investments and prior to receipt of such investments, but only as set forth in written Proper Instructions (such payment in advance of delivery, along with delivery in advance of payment made in accordance with Section 2.B.14., as applicable, shall be referred to herein as a "Free Trade"); 5. ) For the payment of any expense or liability incurred by the Company with respect to the Account, including but not limited to the following paymentspayments for the Account: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses thereof of the Account whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 4) For payment of the amount of dividends received in respect of securities sold short; 5) Upon the purchase of domestic investments including, without limitation, repurchase agreement transactions involving delivery of Account monies to Repo Custodian(s), and prior to receipt of such investments, as set forth in written Proper Instructions (such payment in advance of delivery, along with the delivery in advance of payment made in accordance with Section 2.2(15), as applicable, shall each be referred to herein as a “Free Trade”), provided that such Proper Instructions shall also set forth (a) the amount of such payment and (b) the person(s) to whom such payment is made; 6) For payment as initial or variation margin in connection with futures or options on futures contracts entered into by the Insurance Company on behalf of the Account; and 6. 7) For any other proper purpose, but only upon receipt of Proper Instructions from the Company, Insurance Company on behalf of the Account specifying (a) the amount of such payment, setting forth the purpose for which such payment is to be made, and naming (b) the person or persons to whom such payment is to be made.