Common use of Permissible Transactions Clause in Contracts

Permissible Transactions. The Intermediary acknowledges that only the following transactions are eligible to be transmitted and processed through ITWS hereunder, and agrees that it shall not transmit any Order to Vanguard through ITWS unless it is one of the following: (i) Purchases into an existing VVIF Portfolio holding within an existing Account; (ii) Purchases into a new VVIF Portfolio holding to be established within an existing Account; (iii) Redemptions from an existing Account; (iv) Exchanges between existing VVIF Portfolio holdings within existing Accounts; and (v) Exchanges from an existing VVIF Portfolio holding within an existing Account into a new VVIF Portfolio holding to be established within an existing Account. As used in this Agreement, an “existing Account” shall mean a previously established, registered Account. Vanguard may at any time modify the list of eligible transactions above upon notice to the Intermediary. Such notice may be provided via e-mail. Notices regarding such designation or modification will be provided in accordance with Section 25(a) below. Notwithstanding the foregoing, the eligibility of any Order to be transmitted and processed through ITWS may be subject to additional system or other restrictions applicable to ITWS.

Permissible Transactions. The Intermediary acknowledges that only the following transactions are eligible to be transmitted and processed through ITWS hereunder, and agrees that it shall not transmit any Order to Vanguard through ITWS unless it is one of the following: (i) Purchases into an existing VVIF Portfolio holding within an existing Account; (ii) Purchases into a new VVIF Portfolio holding to be established within an existing Account; (iii) Redemptions from an existing Account; (iv) Exchanges between existing VVIF Portfolio holdings within existing Accounts; and (v) Exchanges from an existing VVIF Portfolio holding within an existing Account into a new VVIF Portfolio holding to be established within an existing Account. As used in this Agreement, an “existing Account” shall mean a previously established, registered Account. Vanguard may at any time modify the list of eligible transactions above upon notice to the Intermediary. Such notice may be provided via e-mail. Notices regarding such designation or modification will be provided in accordance with Section 25(a24(a) below. Notwithstanding the foregoing, the eligibility of any Order to be transmitted and processed through ITWS may be subject to additional system or other restrictions applicable to ITWS, in which case, Vanguard will provide reasonable advance notice to Intermediary of the additional restrictions.