Pricing Errors. Any material errors in the calculation of net asset value, dividends or capital gain information shall be reported immediately upon discovery to the Company. An error shall be deemed "material" based on our interpretation of the SEC's position and policy with regard to materiality, as it may be modified from time to time. Neither the Trust, any Fund, the Distributor, nor any of their affiliates shall be liable for any information provided to the Company pursuant to this Agreement which information is based on incorrect information supplied by or on behalf of the Company or any other Participating Company to the Trust or the Distributor.
Pricing Errors. In the event that an error in the calculation of the net asset value (“NAV”) of, as applicable, a Fund or a class of shares of a Fund, equals or exceeds $.005 per outstanding share on any business day, the Fund’s accounting service provider (“Fund Accounting”) will be responsible for notifying PNC and the Fund. In addition, Fund Accounting will promptly book the appropriate payable/receivable entry in order to “keep the Fund whole.” The Fund will recalculate the impacted NAV and PNC shall re-process the affected shareholder transactions based on the revised NAV upon receiving, and strictly in accordance with, appropriate Written Instructions. The Fund shall be responsible for the cost of reprocessing purchases and redemptions as a result of the pricing error except to the extent such pricing error was the result of an error or omission by PNC in performing the Services contemplated in this Agreement. The first two sentences of this section have been provided for purposes of clarification only and shall not be interpreted to impose any duty, obligation or liability of any nature on PNC under this Agreement.
Pricing Errors. (a) In the event any adjustment is required to correct any error in the computation of the net asset value of a Fund's shares at the shareholder level as a result of a pricing error that is deemed to be material under the pricing policy of the Fund's Board of Directors or which Distributor otherwise deems necessary to correct at the shareholder level, Distributor shall notify Company as soon as reasonably practical after discovering the need for such adjustment.
(b) Any such notice shall state for each day for which the error occurred the incorrect price, the correct price and, to the extent communicated to the Fund's shareholders, the reason for the price change. Company may send this notice or a derivation thereof (so long as such derivation is approved in advance by Distributor) to Participants whose accounts are affected by the price change.
(c) If as a result of any such error the Account maintained by the Fund receives an amount in excess of the amount to which it otherwise would be entitled, Distributor and Company agree to evaluate the situation together, on a case by case basis, with a goal toward pursuing an appropriate course of action. In the event the Company makes any overpayments to Contract owners attributable to the provision of materially incorrect share net asset value information that is not subsequently corrected and communicated to the Company in sufficient time to prevent overpayment, Distributor agrees to reimburse the Company for the amount of overpayments. If an adjustment to the Account is necessary, Distributor shall reimburse Company its reasonable out-of-pocket expenses in correcting each Participant's records, communicating with Participants regarding any adjustment to their accounts, and mailing out corrected statements to Participants.
Pricing Errors. Any material errors in the calculation of the net asset value of a Fund, the net asset value per share of any Series or Class of Trust Shares, dividends or capital gain information shall be reported to the Company immediately upon discovery. An error shall be deemed "material" based on the Trust's interpretation of Applicable Law. To the extent necessary for the Company to reimburse Contract Owners for actual loses, the Distributor shall reimburse the Company for losses arising as a direct result of any material error in the calculation of the net asset value of any Fund or the net asset value per share of any Series or Class of Trust Shares. Neither the Trust, any Fund, the Distributor, nor any of their affiliates shall be liable for any information provided to the Company pursuant to this Agreement, which information is based on incorrect information supplied by or on behalf of the Company or any other Participating Company to the Trust or the Distributor.
Pricing Errors. Any material errors in the calculation of net asset value, dividends or capital gain information shall be reported immediately upon discovery to the Company. The Trust or its agent will promptly correct any such errors and promptly recalculate transactions made under this Agreement using the correct net asset value, dividends or capital gains consistent with the Trust's then current net asset value error correction policy (including the policy's definition of the term "material"). To the extent that recalculation of one or more transactions does not make the Company's account with a Fund "whole," the Distributor shall make such account "whole." The Distributor shall not be responsible for payment of any costs of reprocessing transactions in units issued by an Account (or a sub-account of an Account) under the Contracts arising out of an error in the calculation of a Fund's net asset value, dividends or capital gains distributions if such error is discovered and corrected within five business days. Neither the Trust, any Fund, the Distributor, nor any of their affiliates shall be liable for any information provided to the Company pursuant to this Agreement which information is based on incorrect information supplied by or on behalf of the Company or any other Participating Investor to the Trust or the Distributor.
Pricing Errors. In the event of an error in the computation of a Fund’s net asset value per share which, in accordance with procedures adopted by the Fund’s Board of Trustees consistent with views expressed by the staff of the Securities and Exchange Commission regarding appropriate error correction standards, as shall be in effect or amended from time to time, requires adjustment to transactions previously effected on behalf of an Investor (a “Pricing Error”), the Fund Company shall notify Broker-Dealer as soon as possible after discovery of the Pricing Error. Such notification may be verbal, but shall be confirmed promptly in writing. In such event, the Fund Company shall reimburse the affected Fund for any loss (without taking into consideration any positive effect of such Pricing Error) and shall make appropriate adjustments to Broker-Dealer’s Investor accounts, which adjustments shall net the impact of individual Investor gains and losses; this will result in either a net payment to Broker-Dealer from the Fund Company (in the event of net Investor losses) or from Broker-Dealer to the Fund Company (in the event of net Investor gains). In addition, in the event that the Pricing Error causes Broker-Dealer to incur any direct costs for re-processing Investor accounts, such as preparing and mailing revised statements, the Fund Company shall reimburse Broker-Dealer for all such reasonable costs upon receipt from Broker-Dealer of an invoice or other statement documenting such costs in reasonable detail. Further, the Fund Company agrees that Broker-Dealer may request adjustments to Orders previously processed if Broker-Dealer is able to demonstrate to the Fund Company’s satisfaction that the Fund Company’s Pricing Error correction at the Investor account level resulted in unfair or unintended consequences for one or more of Broker-Dealer’s Investors. The timing and amount of any such adjustments shall be as agreed by the Parties.
Pricing Errors. For their own convenience, some Buyers who are distributors follow the practice of placing prices, discounts and terms on their purchase orders, with the expectation that Seller will verify such prices, discounts and terms before accepting and entering the order. Such verification would cause unnecessary clerical work and delay.
Pricing Errors. In the event adjustments are required to correct any error in the computation of the net asset value of a Fund's Advisor Shares, the Fund or CSI shall notify Service Organization as soon as practicable after discovering the need for those adjustments that result in an aggregate reimbursement of $150 or more to any one Account. Any such notice shall state for each day for which an error occurred the incorrect price, the correct price and, to the extent communicated to the Fund's shareholders, the reason for the price change. Service Organization may send this notice or a derivation thereof (so long as such derivation is approved in advance by CSI or Counsellors) to Plan participants and Customers whose accounts are affected by the price change. If an Account received amounts in excess of the amounts to which it otherwise would have been entitled prior to an adjustment for an error, Service Organization, at the Fund's request, will make a good faith attempt to collect such excess amounts from Plan participants and Customers. In no event, however, shall Service Organization be liable to a Fund or CSI for any such amounts. If an adjustment is to be made in accordance with the first paragraph of this Section 5, the relevant Fund shall make all necessary adjustments (within the parameters specified in that first paragraph) to the number of Advisor Shares owned in the Accounts and distribute to Service Organization the amount of such underpayment for credit to Plan participants' and Customers' accounts.
Pricing Errors. In the event of an error in the computation of a VVIF Portfolio’s net asset value per share which, in accordance with procedures adopted by the Fund’s Board of Trustees consistent with views expressed by the SEC regarding appropriate error correction standards, as shall be in effect or amended from time to time, requires adjustment to Orders previously effected on behalf of an Account (a “Pricing Error”), Vanguard shall notify the Agent as soon as possible after discovery of the Pricing Error. Such notification may be oral, but shall be confirmed promptly in writing. In such event, Vanguard shall reimburse the affected VVIF Portfolio for any loss (without taking into consideration any positive effect of such Pricing Error) and shall make appropriate adjustments to the Agent’s accounts, which adjustments shall net the impact of individual Policy owner gains and losses; this will result in either a net payment to the Agent from Vanguard (in the event of net Policy owner losses) or from the Agent to Vanguard (in the event of net Policy owner gains). In addition, in the event that the Pricing Error causes the Agent to incur any direct costs for re-processing Policy owner accounts, such as preparing and mailing revised statements, Vanguard shall reimburse the Agent for all such reasonable costs upon receipt from the Agent of an invoice or other statement documenting such costs in reasonable detail.
Pricing Errors. Any material errors in the calculation of the net asset value of a Fund, the net asset value per share of any Series or Class of Trust shares, dividends or capital gain information shall be reported to the Company immediately upon discovery. An error shall be deemed “material” based on our interpretation of the SEC’s position and policy with regard to materiality, as it may be modified from time to time. Neither the Trust, any Fund, the Distributor, nor any of their affiliates shall be liable for any information provided to the Company pursuant to this Agreement, which information is based on incorrect information supplied by or on behalf of the Company or any other Participating Company to the Trust or the Distributor. If the Company is provided with materially incorrect net asset value, capital gains or dividend information, the Company shall be entitled to an adjustment to the number of shares purchased or redeemed to reflect the correct net asset value per share or number of shares.
