Payment of Shares. The Company shall pay for Trust shares within five days after it places the order for Trust shares. The Trust reserves the right to delay issuing or transferring Trust shares and/or to delay accruing or declaring dividends in accordance with any policy set forth in the Prospectus with respect to such shares until any payment check has cleared. If the Trust or the Distributor does not receive payment within the five days period, the Trust may, without notice, cancel the order and require the Company to reimburse the Trust promptly for any loss the Trust suffered by reason of the Company failing to timely pay for its shares.
Appears in 4 contracts
Samples: Participation Agreement (Paragon Separate Account B), Participation Agreement (Separate Account B of Paragon Life Insurance Co), Participation Agreement (Morgan Stanley Variable Investment Series)
Payment of Shares. The Company shall pay for Trust shares within five days after it places the order for Trust shares. The Trust reserves the right to delay issuing or transferring Trust shares and/or to delay accruing or declaring dividends in accordance with any policy set forth in the Prospectus its then current prospectus with respect to such shares until any payment check has cleared. If the Trust or the Distributor does not receive payment within the five days period, the Trust may, without notice, cancel the order and require the Company to reimburse the Trust promptly for any loss the Trust suffered by reason of the Company failing to timely pay for its shares.
Appears in 4 contracts
Samples: Agreement to Purchase Shares (Northbrook Variable Annuity Account Ii), Agreement to Purchase Shares (Allstate Life of New York Variable Annuity Account Ii), Participation Agreement (Dean Witter Variable Investment Series)
