Common use of Pricing Information; Orders; Settlement Clause in Contracts

Pricing Information; Orders; Settlement. (a) TCIP will make Fund shares available to be purchased by the Company on behalf of an Account at the net asset value applicable to each order. Fund shares shall be purchased and redeemed in such quantity and at such time determined by the Company to be necessary to meet the requirements of those Contracts for which the Fund serves as underlying investment media. (b) TCIP will provide to the Company closing net asset value, dividend and capital gain information at the close of trading each day that the New York Stock Exchange (the "Exchange") is open (each such day, a "business day"). The Company will send directly to TCIP or its specified agent orders to purchase and/or redeem Fund shares by 10:00 a.m. Eastern Time the following business day. Payment for net purchases will be wired by the Company to a custodial account designated by TCIP to coincide with the order for shares of the Fund. (c) TCIP hereby appoints the Company as its agent for the limited purpose of accepting purchase and redemption orders for Fund shares from Contract owners. Orders from Contract owners received by the Company acting as agent for TCIP prior to the close of the Exchange on any given business day will be executed by TCIP at the net asset value determined as of the close of the Exchange on such business day. Any orders received by the Company acting as agent on such day but after the close of the Exchange will be executed by TCIP at the net asset value determined as of the close of the Exchange on the next business day following the day of receipt of such order. (d) Payments for net redemptions of shares of the Fund will be paid in cash and will be wired by TCIP from the TCIP custodial account to an account designated by the Company. Payment for net redemptions will ordinarily be wired one business day after the order for the redemptions has been sent by the Company to TCIP or its specified agent.