Pricing Information; Orders; Settlement. (a) The Fund will make Fund shares available to be purchased by ING Life, and will accept redemption orders from ING Life, on behalf of each Account at the net asset value applicable to each order on those days on which the Fund calculates its net asset value (a "Business Day"). Fund shares shall be purchased and redeemed in such quantity and at such time determined by ING Life to be necessary to meet the requirements of those Contracts for which the Fund(s) serve as underlying investment media, provided, however, that the Board of Trustees of the Fund (hereinafter the "Trustees") may upon reasonable notice to ING Life, refuse to sell shares of any Portfolio to any person, or suspend or terminate the offering of shares of any Portfolio if such action is required by law or by regulatory authorities having jurisdiction or is, in the sole discretion of the Trustees, acting in good faith and in the best interests of the shareholders of any Portfolio and in compliance with their fiduciary obligations under federal and/or any applicable state laws, necessary in the best interests of the shareholders of any Portfolio. (b) The Fund will provide to ING Life 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"), and in no event later than 6:30 p.m. Eastern Standard time on such Business Day. ING Life will send via facsimile or electronic transmission to the Fund or its specified agent orders to purchase and/or redeem Fund shares by 9 a.m. Eastern Standard Time the following business day. Payment for net purchases will be wired by ING Life to an account designated by the Fund to coincide with the order for shares of the Fund. (c) The Fund hereby appoints ING Life as its agent for the limited purpose of accepting purchase and redemption orders for Fund shares relating to the Contracts from Contract owners or participants. Orders from Contract owners or participants received from any distributor of the Contracts (including affiliates of ING Life) by ING Life, acting as agent for the Fund, prior to the close of the Exchange on any given business day will be executed by the Fund at the net asset value determined as of the close of the Exchange on such Business Day, provided that the Fund receives written (or facsimile) notice of such order by 9 a.m. Eastern Standard Time on the next following Business Day. Any orders received by ING Life acting as agent on such day but after the close of the Exchange will be executed by the Fund 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, provided that the Fund receives written (or facsimile) notice of such order by 9 a.m. Eastern Standard Time within two days following the day of receipt of such order. (d) Payments for net redemptions of shares of the Fund will be wired by the Fund to an account designated by ING Life by 4:00 p.m. Eastern Standard Time on the same Business Day ING Life places an order to redeem Fund Shares. Payments for net purchases of the Fund will be wired by ING Life to an account designated by the Fund by 4:00 p.m. Eastern Standard Time on the same Business Day ING Life places an order to purchase Fund shares. Payments shall be in federal funds transmitted by wire. (e) In lieu of applicable provisions set forth in paragraphs 2(a) through 2(d) above, the parties may agree to provide pricing information, execute orders and wire payments for purchases and redemptions through National Securities Clearing Corporation's Fund/SERV system in which case such activities will be governed by the provisions set forth in Exhibit I to this Agreement. (f) Each party has the right to rely on information or confirmations provided by the other party (or by any affiliate of the other party), and shall not be liable in the event that an error is a result of any misinformation supplied by the other party (g) The Fund and Distributor shall indemnify and hold ING Life harmless, from the effective date of this Agreement, against any amount ING Life is required to pay to Contract owners or participants due to: (i) an incorrect calculation of a Fund's daily net asset value, dividend rate, or capital gains distribution rate or (ii) incorrect or late reporting of the daily net asset value, dividend rate, or capital gain distribution rate of a Fund, upon written notification by ING Life, with supporting data, to Distributor. In addition, the Fund or the Distributor shall be liable to ING Life for systems and out of pocket costs incurred by ING Life in making a Contract owner's or a participant's account whole, if such costs or expenses are a result of the Fund's or the Distributor's failure to provide timely or correct net asset values, dividend and capital gains or financial information. If a mistake is caused in supplying such information or confirmations, which results in a reconciliation with incorrect information, the amount required to make a Contract owner's or a participant's account whole shall be borne by the party providing the incorrect information, regardless of when the error is corrected. (h) ING Life agrees to purchase and redeem the shares of the Funds named in Schedule B offered by the then current prospectus and statement of additional information of the Fund in accordance with the provisions of such prospectus and statement of additional information.
Appears in 8 contracts
Samples: Fund Participation Agreement (Variable Annuity Acct C of Ing Life Insurance & Annuity Co), Fund Participation Agreement (Variable Annuity Acct C of Ing Life Insurance & Annuity Co), Fund Participation Agreement (Variable Annuity Acct C of Ing Life Insurance & Annuity Co)
Pricing Information; Orders; Settlement. (a) The Fund will make Fund shares available to be purchased by ING Lifethe Company, and will accept redemption orders from ING Lifethe Company, on behalf of each Account at the net asset value applicable to each order on those days on which the Fund calculates its net asset value (a "“Business Day"”). Fund shares shall be purchased and redeemed in such quantity and at such time determined by ING Life the Company to be necessary to meet the requirements of those Contracts for which the Fund(s) Fund serve as underlying investment media, provided, however, that the Board of Trustees of the Fund (hereinafter the "“Trustees"”) may upon reasonable notice to ING Lifethe Company, refuse to sell shares of any Portfolio to any person, or suspend or terminate the offering of shares of any Portfolio if such action is (1) required by law or by regulatory authorities having jurisdiction or is, (2) in the sole discretion of the Trustees, acting in good faith and in the best interests of the shareholders of any Portfolio and acting in compliance with their fiduciary obligations under federal and/or any applicable state laws, necessary in the best interests of the shareholders of any Portfolio.
(b) The Fund will make best efforts to provide to ING Life 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"), and ”) by 6:30 p.m. East Coast Time but in no event later than 6:30 7:00 p.m. Eastern Standard time East Coast Time on such Business Day. ING Life The Company will send via facsimile or electronic transmission to the Fund or its specified agent orders to purchase and/or redeem Fund shares by 9 9:00 a.m. Eastern Standard East Coast Time the following business day. Payment for net purchases will be wired by ING Life the Company to an account designated by the Fund to coincide with the order for shares of the Fund.
(c) The Fund hereby appoints ING Life the Company as its agent for the limited purpose of accepting purchase and redemption orders for Fund shares relating to the Contracts from Contract owners or participants. Orders from Contract owners or participants received from any distributor of the Contracts (including affiliates of ING Lifethe Company) by ING Lifethe Company, acting as agent for the Fund, prior to the close of the Exchange on any given business day will be executed by the Fund at the net asset value determined as of the close of the Exchange on such Business Day, provided that the Fund receives written (or facsimile) notice of such order by 9 a.m. Eastern Standard East Coast Time on the next following Business Day. Any orders received by ING Life the Company acting as agent on such day but after the close of the Exchange will be executed by the Fund 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, provided that the Fund receives written (or facsimile) notice of such order by 9 a.m. Eastern Standard East Coast Time within two days following the day of receipt of such order.
(d) Payments for net redemptions of shares of the Fund will be wired by the Fund to an account designated by ING Life by 4:00 p.m. Eastern Standard Time on the same Business Day ING Life places an order to redeem Fund Shares. Payments Company, and payments for net purchases of the Fund will be wired by ING Life the Company to an account designated by the Fund by 4:00 p.m. Eastern Standard Time Fund. Payments for net redemptions and net purchases will be made on the same Business Day ING Life places an as the order to purchase or redeem Fund shares. Payments shall be in federal funds transmitted by wire.
(e) In lieu of applicable provisions set forth in paragraphs 2(a) through 2(d) above, the parties may agree to provide pricing information, execute orders and wire payments for purchases and redemptions through National Securities Clearing Corporation's ’s Fund/SERV system in which case such activities will be governed by the provisions set forth in Exhibit I to this Agreement.
(f) Each party has the right to rely on information or confirmations provided by the other party (or by any affiliate of the other party), and shall not be liable in the event that an error is a result of any misinformation supplied by the other party.
(g) The Fund and Distributor shall indemnify and hold ING Life harmless, from the effective date of this Agreement, against any amount ING Life is required to pay to Contract owners or participants due to: (i) an incorrect calculation of a Fund's daily net asset value, dividend rate, or capital gains distribution rate or (ii) incorrect or late reporting of the daily net asset value, dividend rate, or capital gain distribution rate of a Fund, upon written notification by ING Life, with supporting data, to Distributor. In addition, the Fund or the Distributor shall be liable to ING Life for systems and out of pocket costs incurred by ING Life in making a Contract owner's or a participant's account whole, if such costs or expenses are a result of the Fund's or the Distributor's failure to provide timely or correct net asset values, dividend and capital gains or financial information. If a mistake is caused in supplying such information or confirmations, which results in a reconciliation with incorrect information, the amount required to make a Contract owner's or a participant's account whole shall be borne by the party providing the incorrect information, regardless of when the error is corrected.
(h) ING Life Company agrees to purchase and redeem the shares of the Funds Portfolios named in Schedule B offered by the then current prospectus and statement of additional information of the Fund in accordance with the provisions of such prospectus and statement of additional information. The Company shall not permit any person other than a Contract owner or Participant to give instructions to the Company which would require the Company to redeem or exchange shares of the Fund. This provision shall not be construed to prohibit the Company from substituting shares of another fund, as permitted by law.
(h) ING represents and warrants that it has adopted and implemented controls reasonably designed to ensure that all orders received by the Company after the close of the Exchange on a particular Business Day will not be aggregated with orders received by the Company before the close of the Exchange on such Business Day.
Appears in 2 contracts
Samples: Fund Participation Agreement (Wanger Advisors Trust), Fund Participation Agreement (Wanger Advisors Trust)
Pricing Information; Orders; Settlement. (a) The Fund will make Fund shares available to be purchased by ING Lifethe Company, and will accept redemption orders from ING Lifethe Company, on behalf of each Account at the net asset value applicable to each order on those days on which the New York Stock Exchange (the "Exchange") is open and the Fund calculates is obligated to calculate its net asset value (a "Business Day"). Fund shares shall be purchased and redeemed in such quantity and at such time determined by ING Life the Company to be necessary to meet the requirements of those Contracts for which the Fund(s) Fund serve as underlying investment media, provided, however, that the Board of Trustees of the Fund (hereinafter the "Trustees") may upon reasonable notice to ING Lifethe Company, refuse to sell shares of any Portfolio to any person, or suspend or terminate the offering of shares of any Portfolio if such action is required by law or by regulatory authorities having jurisdiction or is, in the sole discretion of the Trustees, acting in good faith and in the best interests of the shareholders of any Portfolio and in compliance with their fiduciary obligations under federal and/or any applicable state laws, necessary in the best interests of the shareholders of any Portfolio.
(b) The Fund will provide to ING Life the Company closing net asset value, dividend and capital gain information at as soon as reasonably practical after the close of trading each day that the New York Stock Exchange (the "Exchange") is open (each such day a "Business Day"), and Day but in no event later than 6:30 7:00 p.m. Eastern Standard time Time on such Business Day. ING Life The Fund shall be liable to the Company for systems and out of pocket costs (as well as the cost to make the Accounts whole) incurred by the Company in making a Contract Owner's or Participant's Account whole if such costs or expenses are a result of the Fund's failure to provide timely or correct (as determined by the Fund) net asset values, dividend and capital gains information or if the Fund changes such information after the Company receives it. The Company will send via facsimile or electronic transmission to the Fund or its specified agent orders to purchase and/or redeem Fund shares by 9 10:00 a.m. Eastern Standard Time the following business dayBusiness Day. Payment for net purchases will be wired by ING Life the Company to an account designated by the Fund to coincide with the order for shares of the Fund. The Company hereby elects to receive all such income dividends and capital gain distributions as are payable on a Portfolio's shares in additional shares of that Portfolio.
(c) The Fund hereby appoints ING Life the Company as its agent for the limited purpose of accepting purchase and redemption orders for Fund shares relating to the Contracts from Contract owners Owners or participantsParticipants. Orders from Contract owners Owners or participants Participants received from any distributor of the Contracts (including affiliates of ING Lifethe Company) by ING Lifethe Company, acting as agent for the Fund, prior to the close of the Exchange on any given business day Business Day will be executed by the Fund at the net asset value determined as of the close of the Exchange on such Business Day, provided that the Fund receives written (or facsimile) notice of such order by 9 10 a.m. Eastern Standard Time on the next following Business Day. Any orders received by ING Life the Company acting as agent on such day but after the close of the Exchange will be executed by the Fund at the net asset value determined as of the close of the Exchange on the next business day Business Day following the day of receipt of such order, provided that the Fund receives written (or facsimile) notice of such order by 9 10 a.m. Eastern Standard Time within two days Business Days following the day of receipt of such order.
(d) Payments for net redemptions redemption's of shares of the Fund will be wired by the Fund to an account designated by ING Life by 4:00 p.m. Eastern Standard Time on the same Business Day ING Life places an order to redeem Fund SharesCompany. Payments for net purchases of the Fund will be wired by ING Life the Company to an account designated by the Fund by 4:00 p.m. Eastern Standard Time on the same Business Day ING Life the Company places an order to purchase Fund shares. Payments shall be in federal funds transmitted by wire.
(e) In lieu of applicable provisions set forth in paragraphs 2(a) through 2(d) above, the parties may agree to provide pricing information, execute orders and wire payments for purchases and redemptions through National Securities Clearing Corporation's Fund/SERV system in which case such activities will be governed by the provisions set forth in Exhibit I to this Agreement.
(f) Each party has the right to rely on information or confirmations provided by the other party (or by any affiliate of the other party), and shall not be liable in the event that an error is a result of any misinformation supplied by the other party
(g) The Fund and Distributor shall indemnify and hold ING Life harmless, from the effective date of this Agreement, against any amount ING Life is required to pay to Contract owners or participants due to: (i) an incorrect calculation of a Fund's daily net asset value, dividend rate, or capital gains distribution rate or (ii) incorrect or late reporting of the daily net asset value, dividend rate, or capital gain distribution rate of a Fund, upon written notification by ING Life, with supporting data, to Distributor. In addition, the Fund or the Distributor shall be liable to ING Life for systems and out of pocket costs incurred by ING Life in making a Contract owner's or a participant's account whole, if such costs or expenses are a result of the Fund's or the Distributor's failure to provide timely or correct net asset values, dividend and capital gains or financial information. If a mistake is caused in supplying such information or confirmations, which results in a reconciliation with incorrect information, the amount required to make a Contract owner's or a participant's account whole shall be borne by the party providing the incorrect information, regardless of when the error is corrected.
(hf) ING Life The Company agrees to purchase and redeem the shares of the Funds Portfolios named in Schedule B offered by the then current prospectus and statement of additional information of the Fund in accordance with the provisions of such prospectus and statement of additional information. The Company shall not permit any person other than a Contract owner or Participant to give instructions to the Company which would require the Company to redeem or exchange shares of the Fund. This provision shall not be construed to prohibit the Company from substituting shares of another fund, as permitted by law.
(g) Issuance and transfer of the Fund's shares will be by book entry only. Stock certificates will not be issued to the Company or the Accounts. Shares ordered from the Fund will be recorded in the appropriate xxxxxx for each Account or the appropriate subaccount of each Account.
Appears in 2 contracts
Samples: Fund Participation Agreement (Variable Annuity Acct C of Aetna Life Insurance & Annuity Co), Fund Participation Agreement (Variable Annuity Account I of Aetna Insurance Co of America)
Pricing Information; Orders; Settlement. (a) The Fund will make Fund shares available to be purchased by ING LifeIICA, and will accept redemption orders from ING LifeIICA, on behalf of each Account at the net asset value applicable to each order on those days on which the Fund calculates its net asset value (a "Business Day"). Fund shares shall be purchased and redeemed in such quantity and at such time determined by ING Life IICA to be necessary to meet the requirements of those Contracts for which the Fund(s) serve as underlying investment media, provided, however, that the Board of Trustees of the Fund (hereinafter the "Trustees") may upon reasonable notice to ING LifeIICA, refuse to sell shares of any Portfolio to any person, or suspend or terminate the offering of shares of any Portfolio if such action is required by law or by regulatory authorities having jurisdiction or is, in the sole discretion of the Trustees, acting in good faith and in the best interests of the shareholders of any Portfolio and in compliance with their fiduciary obligations under federal and/or any applicable state laws, necessary in the best interests of the shareholders of any Portfolio.
(b) The Fund will provide to ING Life IICA 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"), and in no event later than 6:30 p.m. Eastern Standard time on such Business Day. ING Life IICA will send via facsimile or electronic transmission to the Fund or its specified agent orders to purchase and/or redeem Fund shares by 9 a.m. Eastern Standard Time the following business day. Payment for net purchases will be wired by ING Life IICA to an account designated by the Fund to coincide with the order for shares of the Fund.
(c) The Fund hereby appoints ING Life IICA as its agent for the limited purpose of accepting purchase and redemption orders for Fund shares relating to the Contracts from Contract owners or participants. Orders from Contract owners or participants received from any distributor of the Contracts (including affiliates of ING LifeIICA) by ING LifeIICA, acting as agent for the Fund, prior to the close of the Exchange on any given business day will be executed by the Fund at the net asset value determined as of the close of the Exchange on such Business Day, provided that the Fund receives written (or facsimile) notice of such order by 9 a.m. Eastern Standard Time on the next following Business Day. Any orders received by ING Life IICA acting as agent on such day but after the close of the Exchange will be executed by the Fund 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, provided that the Fund receives written (or facsimile) notice of such order by 9 a.m. Eastern Standard Time within two days following the day of receipt of such order.
(d) Payments for net redemptions of shares of the Fund will be wired by the Fund to an account designated by ING Life IICA by 4:00 p.m. Eastern Standard Time on the same Business Day ING Life IICA places an order to redeem Fund Shares. Payments for net purchases of the Fund will be wired by ING Life IICA to an account designated by the Fund by 4:00 p.m. Eastern Standard Time on the same Business Day ING Life IICA places an order to purchase Fund shares. Payments shall be in federal funds transmitted by wire.
(e) In lieu of applicable provisions set forth in paragraphs 2(a) through 2(d) above, the parties may agree to provide pricing information, execute orders and wire payments for purchases and redemptions through National Securities Clearing Corporation's Fund/SERV system in which case such activities will be governed by the provisions set forth in Exhibit I to this Agreement.
(f) Each party has the right to rely on information or confirmations provided by the other party (or by any affiliate of the other party), and shall not be liable in the event that an error is a result of any misinformation supplied by the other party
(g) The Fund and Distributor shall indemnify and hold ING Life IICA harmless, from the effective date of this Agreement, against any amount ING Life IICA is required to pay to Contract owners or participants due to: (i) an incorrect calculation of a Fund's daily net asset value, dividend rate, or capital gains distribution rate or (ii) incorrect or late reporting of the daily net asset value, dividend rate, or capital gain distribution rate of a Fund, upon written notification by ING LifeIICA, with supporting data, to Distributor. In addition, the Fund or the Distributor shall be liable to ING Life IICA for systems and out of pocket costs incurred by ING Life IICA in making a Contract owner's or a participant's account whole, if such costs or expenses are a result of the Fund's or the Distributor's failure to provide timely or correct net asset values, dividend and capital gains or financial information. If a mistake is caused in supplying such information or confirmations, which results in a reconciliation with incorrect information, the amount required to make a Contract owner's or a participant's account whole shall be borne by the party providing the incorrect information, regardless of when the error is corrected.
(h) ING Life IICA agrees to purchase and redeem the shares of the Funds named in Schedule B offered by the then current prospectus and statement of additional information of the Fund in accordance with the provisions of such prospectus and statement of additional information.
Appears in 1 contract
Samples: Fund Participation Agreement (Variable Annuity Account I of Ing Insurance Co of America)
Pricing Information; Orders; Settlement. (a) The Fund will make Fund shares available to be purchased by ING Lifethe Company, and will accept redemption orders from ING Lifethe Company, on behalf of each Account at the net asset value applicable to each order on those days on which the Fund calculates its net asset value (a "Business Day"). Fund shares shall be purchased and redeemed in such quantity and at such time determined by ING Life the Company to be necessary to meet the requirements of those Contracts for which the Fund(s) Fund serve as underlying investment media, provided, however, that the Board of Trustees of the Fund (hereinafter the "Trustees") may upon reasonable notice to ING Lifethe Company, refuse to sell shares of any Portfolio to any person, or suspend or terminate the offering of shares of any Portfolio if such action is required by law or by regulatory authorities having jurisdiction or is, in the sole discretion of the Trustees, acting in good faith and in the best interests of the shareholders of any Portfolio and is acting in compliance with their fiduciary obligations under federal and/or any applicable state laws, necessary in the best interests of the shareholders of any Portfolio.
(b) The Fund will provide to ING Life 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"), and in no event later than 6:30 7:00 p.m. Eastern Standard time on such Business Daybusiness day. ING Life The Company will send via facsimile or electronic transmission to the Fund or its specified agent orders to purchase and/or redeem Fund shares by 9 10:00 a.m. Eastern Standard Time the following business day. Payment for net purchases will be wired by ING Life the Company to an account designated by the Fund to coincide with the order for shares of the Fund.
(c) The Fund hereby appoints ING Life the Company as its agent for the limited purpose of accepting purchase and redemption orders for Fund shares relating to the Contracts from Contract owners or participants. Orders from Contract owners or participants received from any distributor of the Contracts (including affiliates of ING Lifethe Company) by ING Lifethe Company, acting as agent for the Fund, prior to the close of the Exchange on any given business day will be executed by the Fund at the net asset value determined as of the close of the Exchange on such Business Daybusiness day, provided that the Fund receives written (or facsimile) notice of such order by 9 10 a.m. Eastern Standard Time on the next following Business Day. Any orders received by ING Life the Company acting as agent on such day but after the close of the Exchange will be executed by the Fund 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, provided that the Fund receives written (or facsimile) notice of such order by 9 10 a.m. Eastern Standard Time within two days following the day of receipt of such order.
(d) Payments for net redemptions of shares of the Fund will be wired by the Fund to an account designated by ING Life by 4:00 p.m. Eastern Standard Time on the same Business Day ING Life places an order to redeem Fund SharesCompany. Payments for net purchases of the Fund will be wired by ING Life the Company to an account designated by the Fund by 4:00 p.m. Eastern Standard Time on the same Business Day ING Life the Company places an order to purchase Fund shares. Payments shall be in federal funds transmitted by wire.
(e) In lieu of applicable provisions set forth in paragraphs 2(a) through 2(d) above, the parties may agree to provide pricing information, execute orders and wire payments for purchases and redemptions through National Securities Clearing Corporation's Fund/SERV system in which case such activities will be governed by the provisions set forth in Exhibit I to this Agreement.
(f) Each party has the right to rely on information or confirmations provided by the other party (or by any affiliate of the other party), and shall not be liable in the event that an error is a result of any misinformation supplied by the other party
(g) The Fund and Distributor shall indemnify and hold ING Life harmless, from the effective date of this Agreement, against any amount ING Life is required to pay to Contract owners or participants due to: (i) an incorrect calculation of a Fund's daily net asset value, dividend rate, or capital gains distribution rate or (ii) incorrect or late reporting of the daily net asset value, dividend rate, or capital gain distribution rate of a Fund, upon written notification by ING Life, with supporting data, to Distributor. In addition, the Fund or the Distributor shall be liable to ING Life for systems and out of pocket costs incurred by ING Life in making a Contract owner's or a participant's account whole, if such costs or expenses are a result of the Fund's or the Distributor's failure to provide timely or correct net asset values, dividend and capital gains or financial information. If a mistake is caused in supplying such information or confirmations, which results in a reconciliation with incorrect information, the amount required to make a Contract owner's or a participant's account whole shall be borne by the party providing the incorrect information, regardless of when the error is corrected.
(hf) ING Life The Company agrees to purchase and redeem the shares of the Funds Portfolios named in Schedule B offered by the then current prospectus and statement of additional information of the Fund in accordance with the provisions of such prospectus and statement of additional information. The Company shall not permit any person other than a Contract owner or Participant to give instructions to the Company which would require the Company to redeem or exchange shares of the Fund. This provision shall not be construed to prohibit the Company from substituting shares of another fund, as permitted by law.
Appears in 1 contract
Samples: Fund Participation Agreement (Variable Annuity Account I of Aetna Insurance Co of America)
Pricing Information; Orders; Settlement. (a) The Fund Distributor will make Fund Class A shares of the Funds available to be purchased by ING Lifethe Company, on behalf of each Account, and will accept redemption orders from ING Lifethe Company, on behalf of each Account Account, at the net asset value applicable to each order on those days on which the Fund calculates its net asset value (a "Business Day"). Fund shares shall be purchased and redeemed in such quantity and at such time determined by ING Life the Company to be necessary to meet the requirements of those Contracts for which the Fund(s) serve as underlying investment media, provided, however, that the Board of Trustees Trustees/Directors of the a Fund (hereinafter the "Trustees") may upon reasonable without notice to ING Lifethe Company, refuse to sell shares of any Portfolio Fund to any person, or suspend or terminate the offering of shares of any Portfolio Fund if such action is required by law or by regulatory authorities having jurisdiction or is, in the sole discretion of the Trustees, acting in good faith and in the best interests of the shareholders of any Portfolio Fund and is acting in compliance with their fiduciary obligations under federal and/or any applicable state laws, necessary in the best interests of the shareholders of any Portfolio.
(b) The Fund Distributor will provide to ING Life 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"), and use its best efforts to provide or cause to be provided by 6:30 p.m. Eastern Standard time on each Business Day, but in no event shall communicate such information later than 6:30 7:00 p.m. Eastern Standard time on such Business DayDay unless the delay is due to extraordinary circumstances. ING Life The Company will send via facsimile or electronic transmission to the Fund OFS or its specified agent orders to purchase and/or redeem Fund shares by 9 9:00 a.m. Eastern Standard Time the following business day. Payment for net purchases will be wired by ING Life the Company to an account designated by the Fund Distributor to coincide with the order for shares of the Fund.
(c) The Fund Distributor hereby appoints ING Life the Company as its agent for the limited sole purpose of accepting purchase and redemption orders for Fund shares relating to the Contracts from Contract owners owners. Except as provided in the foregoing sentence, the Company shall not be, nor hold itself out to the public or participantsengage in any activity as, an agent or distributor for the Funds, or agent for OFS or Distributor or any of their affiliates. Orders from Contract owners or participants received from any distributor of the Contracts (including affiliates of ING Lifethe Company) by ING Lifethe Company, acting as agent for the FundDistributor, prior to the close of the Exchange (as indicated by date and time stamping) on any given business day will be executed by the Fund OFS, as transfer agent for the Funds, at the net asset value determined as of the close of the Exchange on such Business Day, provided that the Fund OFS receives written (or facsimile) notice of such order by 9 a.m. Eastern Standard Time on the next following Business Day. Any orders received by ING Life the Company acting as agent on such day but after the close of the Exchange will be executed by the Fund OFS 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, provided that the Fund OFS receives written (or facsimile) notice of such order by 9 a.m. Eastern Standard Time within two days 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 wired by the Fund OFS to an account designated by ING Life by 4:00 p.m. Eastern Standard Time the Company on the same Business Day ING Life the Company places an order to redeem Fund Sharesshares. Payments for net purchases of the Fund shares will be wired by ING Life the Company to an account designated by the Fund by 4:00 p.m. Eastern Standard Time OFS on the same Business Day ING Life the Company places an order to purchase Fund shares. Payments shall be in federal funds transmitted by wire.
(e) In lieu of applicable provisions set forth in paragraphs 2(a3(a) through 2(d3(d) above, the parties may agree to provide pricing information, execute orders and wire payments for purchases and redemptions through National Securities Clearing Corporation's Fund/SERV system in which case such activities will be governed by the provisions set forth in an Exhibit I to this Agreement.
(f) Each party has the right to rely on information or confirmations provided by the other party (or by any affiliate of the other party), and shall not be liable in the event that an error is a result of any misinformation supplied by the other party
(g) The Fund and Distributor shall indemnify and hold ING Life the Company harmless, from the effective date of this Agreement, against any amount ING Life the Company is required to pay to Contract owners or participants due to: (i) an incorrect calculation of a Fund's daily net asset value, dividend rate, or capital gains distribution rate or (ii) incorrect or unreasonably late reporting of the daily net asset value, dividend rate, or capital gain distribution rate of a Fund, upon written notification by ING Lifethe Company, with supporting data, to Distributor; provided, however, that no such amounts shall be returned if they are not deemed material pursuant to the then prevailing pricing error guidelines as set forth by the Securities and Exchange Commission and its staff. In addition, subject to the Fund limits described in this subparagraph, OFS or the Distributor shall be liable to ING Life the Company for systems and out of pocket costs incurred by ING Life the Company in making a Contract ownerowners's or a participant's account whole, if such costs or expenses are a result of the FundOFS's or the Distributor's failure to provide timely or correct net asset values, dividend and capital gains or financial informationinformation and if such information is not corrected by 4:00 p.m. East Coast time of the next business day after releasing such incorrect information provided the incorrect NAV as well as the correct NAV for each day that the error occurred is provided. If a mistake is caused in supplying such information or confirmations, which results in a reconciliation with incorrect information, the amount required to make a Contract owner's or a participant's account whole shall be borne by the party providing the incorrect information, regardless of when the error is corrected. Any gain by a Contract owner attributable to the incorrect calculation or reporting of the daily net asset value, dividend rate or capital gains distribution rate shall, to the extent permissible promptly be returned to the Fund(s) involved; provided, however, that no such amounts shall returned if they are not deemed material pursuant to the then prevailing pricing error guidelines as set forth by the Securities and Exchange Commission and its staff. The following limits shall apply to the collective liabilities of the Distributor and/or OFS , as appropriate, to the Company for systems and out of pocket costs incurred by the Company if such costs or expenses are a result of the Distributor or OFS's failure to provide the Company with such correct or timely information: (i) $1,000 per day for each day that incorrect information provided by the Distributor or OFSis not corrected, if such period does not include a month-end or a fiscal quarter-end, (ii) $1,500 per day for each day that such incorrect information provided by the Distributor or OFS is not corrected, if such period does include a month-end or a fiscal quarter-end, and (iii) up to $50,000 per occurrence in the aggregate under (i) or (ii) above. Any incorrect information that has as a common nexus any single error shall be deemed to be one occurrence for these purposes provided all corrections are provided at the same time.
(h) ING Life The Company shall assume responsibility for any loss to Distributor or to OFS caused by the cancellation or correction made to an order subsequent to the date on which such order has been received by the Company and originally relayed to Distributor, and the Company will immediately pay such loss to Distributor or OFS upon receipt of written notification with supporting data.
(i) The Company agrees to purchase and redeem the shares of the Funds named in Schedule B offered by the then current prospectus and statement of additional information of the Fund in accordance with the provisions of such prospectus and statement of additional information.
(j) The Company acknowledges that the Funds or their designated agent will accept instructions only from the Company and that neither the Funds nor their designated agent will accept instructions directly from a Contract owner or participant.
Appears in 1 contract
Samples: Fund Participation Agreement (Variable Annuity Acct C of Aetna Life Insurance & Annuity Co)
Pricing Information; Orders; Settlement. (a) The Fund will make Fund shares available to be purchased by ING Lifethe Company, and will accept redemption orders from ING Lifethe Company, on behalf of each Account at the net asset value applicable to each order on those days on which the Fund calculates its net asset value (a "Business Day"). Fund shares shall be purchased and redeemed in such quantity and at such time determined by ING Life the Company to be necessary to meet the requirements of those Contracts for which the Fund(s) Fund serve as underlying investment media, provided, however, that the Board of Trustees of the Fund (hereinafter the "Trustees") may upon reasonable notice to ING Lifethe Company, refuse to sell shares of any Portfolio to any person, or suspend or terminate the offering of shares of any Portfolio if such action is (1) required by law or by regulatory authorities having jurisdiction or is, (2) in the sole discretion of the Trustees, acting in good faith and in the best interests of the shareholders of any Portfolio and acting in compliance with their fiduciary obligations under federal and/or any applicable state laws, necessary in the best interests of the shareholders of any Portfolio.
(b) The Fund will make best efforts to provide to ING Life 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"), and ) by 6:30 p.m. East Coast Time but in no event later than 6:30 7:00 p.m. Eastern Standard time East Coast Time on such Business Day. ING Life The Company will send via facsimile or electronic transmission to the Fund or its specified agent orders to purchase and/or redeem Fund shares by 9 9:00 a.m. Eastern Standard East Coast Time the following business day. Payment for net purchases will be wired by ING Life the Company to an account designated by the Fund to coincide with the order for shares of the Fund.
(c) The Fund hereby appoints ING Life the Company as its agent for the limited purpose of accepting purchase and redemption orders for Fund shares relating to the Contracts from Contract owners or participants. Orders from Contract owners or participants received from any distributor of the Contracts (including affiliates of ING Lifethe Company) by ING Lifethe Company, acting as agent for the Fund, prior to the close of the Exchange on any given business day will be executed by the Fund at the net asset value determined as of the close of the Exchange on such Business Day, provided that the Fund receives written (or facsimile) notice of such order by 9 a.m. Eastern Standard East Coast Time on the next following Business Day. Any orders received by ING Life the Company acting as agent on such day but after the close of the Exchange will be executed by the Fund 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, provided that the Fund receives written (or facsimile) notice of such order by 9 a.m. Eastern Standard East Coast Time within two days following the day of receipt of such order.
(d) Payments for net redemptions of shares of the Fund will be wired by the Fund to an account designated by ING Life by 4:00 p.m. Eastern Standard Time on the same Business Day ING Life places an order to redeem Fund Shares. Payments Company, and payments for net purchases of the Fund will be wired by ING Life the Company to an account designated by the Fund by 4:00 p.m. Eastern Standard Time Fund. Payments for net redemptions and net purchases will be made on the same Business Day ING Life places an as the order to purchase or redeem Fund shares. Payments shall be in federal funds transmitted by wire.
(e) In lieu of applicable provisions set forth in paragraphs 2(a) through 2(d) above, the parties may agree to provide pricing information, execute orders and wire payments for purchases and redemptions through National Securities Clearing Corporation's Fund/SERV system in which case such activities will be governed by the provisions set forth in Exhibit I to this Agreement.
(f) Each party has the right to rely on information or confirmations provided by the other party (or by any affiliate of the other party), and shall not be liable in the event that an error is a result of any misinformation supplied by the other party.
(g) The Fund and Distributor shall indemnify and hold ING Life harmless, from the effective date of this Agreement, against any amount ING Life is required to pay to Contract owners or participants due to: (i) an incorrect calculation of a Fund's daily net asset value, dividend rate, or capital gains distribution rate or (ii) incorrect or late reporting of the daily net asset value, dividend rate, or capital gain distribution rate of a Fund, upon written notification by ING Life, with supporting data, to Distributor. In addition, the Fund or the Distributor shall be liable to ING Life for systems and out of pocket costs incurred by ING Life in making a Contract owner's or a participant's account whole, if such costs or expenses are a result of the Fund's or the Distributor's failure to provide timely or correct net asset values, dividend and capital gains or financial information. If a mistake is caused in supplying such information or confirmations, which results in a reconciliation with incorrect information, the amount required to make a Contract owner's or a participant's account whole shall be borne by the party providing the incorrect information, regardless of when the error is corrected.
(h) ING Life Company agrees to purchase and redeem the shares of the Funds Portfolios named in Schedule B offered by the then current prospectus and statement of additional information of the Fund in accordance with the provisions of such prospectus and statement of additional information. The Company shall not permit any person other than a Contract owner or Participant to give instructions to the Company which would require the Company to redeem or exchange shares of the Fund. This provision shall not be construed to prohibit the Company from substituting shares of another fund, as permitted by law.
(h) ING represents and warrants that it has adopted and implemented controls reasonably designed to ensure that all orders received by the Company after the close of the Exchange on a particular Business Day will not be aggregated with orders received by the Company before the close of the Exchange on such Business Day.
Appears in 1 contract
Samples: Fund Participation Agreement (Variable Annuity Acct C of Ing Life Insurance & Annuity Co)
Pricing Information; Orders; Settlement. (a) The Fund will make Fund shares available to be purchased by ING Lifethe Company, and will accept redemption orders from ING Lifethe Company, on behalf of each Account at the net asset value applicable to each order on those days on which the Fund calculates its net asset value (a "Business Day"). Fund shares shall be purchased and redeemed in such quantity and at such time determined by ING Life the Company to be necessary to meet the requirements of those Contracts for which the Fund(s) Fund serve as underlying investment media, provided, however, that the Board of Trustees of the Fund (hereinafter the "Trustees") may upon reasonable notice to ING Lifethe Company, refuse to sell shares of any Portfolio to any person, or suspend or terminate the offering of shares of any Portfolio if such action is (1) required by law or by regulatory authorities having jurisdiction or is, (2) in the sole discretion of the Trustees, acting in good faith and in the best interests of the shareholders of any Portfolio and acting in compliance with their fiduciary obligations under federal and/or any applicable state laws, necessary in the best interests of the shareholders of any Portfolio.
(b) The Fund will make best efforts to provide to ING Life 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"), and ) by 6:30 p.m. East Coast Time but in no event later than 6:30 7:00 p.m. Eastern Standard time East Coast Time on such Business Day. ING Life The Company will send via facsimile or electronic transmission to the Fund or its specified agent orders to purchase and/or redeem Fund shares by 9 9:00 a.m. Eastern Standard East Coast Time the following business day. Payment for net purchases will be wired by ING Life the Company to an account designated by the Fund to coincide with the order for shares of the Fund.
(c) The Fund hereby appoints ING Life the Company as its agent for the limited purpose of accepting purchase and redemption orders for Fund shares relating to the Contracts from Contract owners or participants. Orders from Contract owners or participants received from any distributor of the Contracts (including affiliates of ING Lifethe Company) by ING Lifethe Company, acting as agent for the Fund, prior to the close of the Exchange on any given business day will be executed by the Fund at the net asset value determined as of the close of the Exchange on such Business Day, provided that the Fund receives written (or facsimile) notice of such order by 9 a.m. Eastern Standard a.m., East Coast Time on the next following Business Day. Any orders received by ING Life the Company acting as agent on such day but after the close of the Exchange will be executed by the Fund 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, provided that the Fund receives written (or facsimile) notice of such order by 9 a.m. Eastern Standard a.m., East Coast Time within two days following the day of receipt of such order.
(d) Payments for net redemptions of shares of the Fund will be wired by the Fund to an account designated by ING Life by 4:00 p.m. Eastern Standard Time on the same Business Day ING Life places an order to redeem Fund Shares. Payments Company, and payments for net purchases of the Fund will be wired by ING Life the Company to an account designated by the Fund by 4:00 p.m. Eastern Standard Time Fund. Payments for net redemptions and net purchases will be made on the same Business Day ING Life places an as the order to purchase or redeem Fund shares. Payments shall be in federal funds transmitted by wire.
(e) In lieu of applicable provisions set forth in paragraphs 2(a) through 2(d) above, the parties may agree to provide pricing information, execute orders and wire payments for purchases and redemptions through National Securities Clearing Corporation's Fund/SERV system in which case such activities will be governed by the provisions set forth in Exhibit I to this Agreement.
(f) Each party has the right to rely on information or confirmations provided by the other party (or by any affiliate of the other party), and shall not be liable in the event that an error is a result of any misinformation supplied by the other party.
(g) The Fund and Distributor shall indemnify and hold ING Life harmless, from the effective date of this Agreement, against any amount ING Life is required to pay to Contract owners or participants due to: (i) an incorrect calculation of a Fund's daily net asset value, dividend rate, or capital gains distribution rate or (ii) incorrect or late reporting of the daily net asset value, dividend rate, or capital gain distribution rate of a Fund, upon written notification by ING Life, with supporting data, to Distributor. In addition, the Fund or the Distributor shall be liable to ING Life for systems and out of pocket costs incurred by ING Life in making a Contract owner's or a participant's account whole, if such costs or expenses are a result of the Fund's or the Distributor's failure to provide timely or correct net asset values, dividend and capital gains or financial information. If a mistake is caused in supplying such information or confirmations, which results in a reconciliation with incorrect information, the amount required to make a Contract owner's or a participant's account whole shall be borne by the party providing the incorrect information, regardless of when the error is corrected.
(h) ING Life Company agrees to purchase and redeem the shares of the Funds Portfolios named in Schedule B offered by the then current prospectus and statement of additional information of the Fund in accordance with the provisions of such prospectus and statement of additional information. The Company shall not permit any person other than a Contract owner or Participant to give instructions to the Company which would require the Company to redeem or exchange shares of the Fund. This provision shall not be construed to prohibit the Company from substituting shares of another fund, as permitted by law.
(h) ING represents and warrants that it has adopted and implemented controls reasonably designed to ensure that all orders received by the Company after the close of the Exchange on a particular Business Day will not be aggregated with orders received by the Company before the close of the Exchange on such Business Day.
Appears in 1 contract
Samples: Fund Participation Agreement (Wanger Advisors Trust)
Pricing Information; Orders; Settlement. (a) The Fund will make Fund shares available to be purchased by ING Lifethe Company, and will accept redemption orders from ING Lifethe Company, on behalf of each Account at the net asset value applicable to each order on those days on which the Fund calculates its net asset value (a "Business Day"). Fund shares shall be purchased and redeemed in such quantity and at such time determined by ING Life the Company to be necessary to meet the requirements of those Contracts for which the Fund(s) Fund serve as underlying investment media, provided, however, that the Board of Trustees of the Fund (hereinafter the "Trustees") may upon reasonable notice to ING Lifethe Company, refuse to sell shares of any Portfolio to any person, or suspend or terminate the offering of shares of any Portfolio if such action is required by law or by regulatory authorities having jurisdiction or is, in the sole discretion of the Trustees, acting in good faith and in the best interests of the shareholders of any Portfolio and is acting in compliance with their fiduciary obligations under federal and/or any applicable state laws, necessary in the best interests of the shareholders of any Portfolio.
(b) The Fund will provide to ING Life 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"), and in no event later than 6:30 7:00 p.m. Eastern Standard time on such Business Daybusiness day. ING Life The Company will send via facsimile or electronic transmission to the Fund or its specified agent orders to purchase and/or redeem Fund shares by 9 10:00 a.m. Eastern Standard Time the following business day. Payment for net purchases will be wired by ING Life the Company to an account designated by the Fund to coincide with the order for shares of the Fund.
(c) The Fund hereby appoints ING Life the Company as its agent for the limited purpose of accepting purchase and redemption orders for Fund shares relating to the Contracts from Contract owners or participants. Orders from Contract owners or participants received from any distributor of the Contracts (including affiliates of ING Lifethe Company) by ING Lifethe Company, acting as agent for the Fund, prior to the close of the Exchange on any given business day will be executed by the Fund at the net asset value determined as of the close of the Exchange on such Business Daybusiness day, provided that the Fund receives written (or facsimile) notice of such order by 9 10 a.m. Eastern Standard Time on the next following Business Day. Any orders received by ING Life the Company acting as agent on such day but after the close of the Exchange will be executed by the Fund 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, provided that the Fund receives written (or facsimile) notice of such order by 9 10 a.m. Eastern Standard Time within two days following the day of receipt of such order.
(d) Payments for net redemptions of shares of the Fund will be wired by the Fund to an account designated by ING Life by 4:00 p.m. Eastern Standard Time on the same Business Day ING Life places an order to redeem Fund SharesCompany. Payments for net purchases of the Fund will be wired by ING Life the Company to an account designated by the Fund by 4:00 p.m. Eastern Standard Time on the same Business Day ING Life the Company places an order to purchase Fund shares. Payments shall be in federal funds transmitted by wire.
(e) In lieu of applicable provisions set forth in paragraphs 2(a) through 2(d) above, the parties may agree to provide pricing information, execute orders and wire payments for purchases and redemptions through National Securities Clearing Corporation's Fund/SERV system in which case such activities will be governed by the provisions set forth in Exhibit I to this Agreement.
(f) Each party has the right to rely on information or confirmations provided by the other party (or by any affiliate of the other party), and shall not be liable in the event that an error is a result of any misinformation supplied by the other party
(g) The Fund and Distributor shall indemnify and hold ING Life harmless, from the effective date of this Agreement, against any amount ING Life is required to pay to Contract owners or participants due to: (i) an incorrect calculation of a Fund's daily net asset value, dividend rate, or capital gains distribution rate or (ii) incorrect or late reporting of the daily net asset value, dividend rate, or capital gain distribution rate of a Fund, upon written notification by ING Life, with supporting data, to Distributor. In addition, the Fund or the Distributor shall be liable to ING Life for systems and out of pocket costs incurred by ING Life in making a Contract owner's or a participant's account whole, if such costs or expenses are a result of the Fund's or the Distributor's failure to provide timely or correct net asset values, dividend and capital gains or financial information. If a mistake is caused in supplying such information or confirmations, which results in a reconciliation with incorrect information, the amount required to make a Contract owner's or a participant's account whole shall be borne by the party providing the incorrect information, regardless of when the error is corrected.
(hf) ING Life The Company agrees to purchase and redeem the shares of the Funds Portfolios named in Schedule B A offered by the then current prospectus and statement of additional information of the Fund in accordance with the provisions of such prospectus and statement of additional information. The Company shall not permit any person other than a Contract owner or Participant to give instructions to the Company which would require the Company to redeem or exchange shares of the Fund. This provision shall not be construed to prohibit the Company from substituting shares of another fund, as permitted by law.
Appears in 1 contract
Samples: Fund Participation Agreement (Variable Annuity Account B of Aetna Life Ins & Annuity Co)
Pricing Information; Orders; Settlement. (a) The Fund Distributor will make Fund shares available to be purchased by ING LifeAetna, and will accept redemption orders from ING LifeAetna, on behalf of each Account at the net asset value applicable to each order on those days on which the Fund calculates its net asset value (a "Business Day"). Fund shares shall be purchased and redeemed in such quantity and at such time determined by ING Life Aetna to be necessary to meet the requirements of those Contracts for which the Fund(s) serve as underlying investment media, provided, however, that the Board of Trustees of the Fund (hereinafter the "Trustees") may upon reasonable notice to ING LifeAetna, refuse to sell shares of any Portfolio to any person, or suspend or terminate the offering of shares of any Portfolio if such action is required by law or by regulatory authorities having jurisdiction or is, in the sole discretion of the Trustees, acting in good faith and in the best interests of the shareholders of any Portfolio and is acting in compliance with their fiduciary obligations under federal and/or any applicable state laws, necessary in the best interests of the shareholders of any Portfolio.
(b) The Fund Distributor will provide to ING Life Aetna 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"), and will use its best efforts to provide such information by 6:30 p.m. East Coast time on such Business Day, but in no event later than 6:30 7:00 p.m. Eastern Standard time on East Coast time, absent extraordinary circumstances. In the event of an anticipated delay past 7:00 p.m., Distributor shall notify Aetna by 7:00 p.m. of such Business Daydelay. ING Life Aetna will send via facsimile or electronic transmission to the Fund or its specified agent orders to purchase and/or redeem Fund shares by 9 9:00 a.m. Eastern Standard Time East Coast time the following business day. Payment for net purchases will be wired by ING Life Aetna to an account designated by the Fund Distributor to coincide with the order for shares of the Fund.
(c) The Fund Distributor hereby appoints ING Life Aetna as its agent for the limited purpose of accepting purchase and redemption orders for Fund shares relating to the Contracts from Contract owners or participants. Orders from Contract owners or participants received from any distributor of the Contracts (including affiliates of ING LifeAetna) by ING LifeAetna, acting as agent for the FundDistributor, prior to the close of the Exchange on any given business day will be executed by the Fund at the net asset value determined as of the close of the Exchange on such Business Day, provided that the Fund Distributor receives written (or facsimile) notice of such order by 9 9:00 a.m. Eastern Standard East Coast Time on the next following Business Day. Any orders received by ING Life Aetna acting as agent on such day but after the close of the Exchange will be executed by the Fund 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, provided that the Fund Distributor receives written (or facsimile) notice of such order by 9 9:00 a.m. Eastern Standard East Coast Time within two days following the day of receipt of such order.
(d) Payments for net redemptions of shares of the Fund will be wired by the Fund Distributor to an account designated by ING Life by 4:00 p.m. Eastern Standard Time Aetna on the same Business Day ING Life Aetna places an order to redeem Fund Shares. Payments for net purchases of the Fund will be wired by ING Life Aetna to an account designated by the Fund by 4:00 p.m. Eastern Standard Time Distributor on the same Business Day ING Life Aetna places an order to purchase Fund shares. Payments shall be in federal funds transmitted by wire.
(e) In lieu of applicable provisions set forth in paragraphs 2(a) through 2(d) above, the parties may agree to provide pricing information, execute orders and wire payments for purchases and redemptions through National Securities Clearing Corporation's Fund/SERV system in which case such activities will be governed by the provisions set forth in Exhibit I to this Agreement.
(f) Each party has the right to rely on information or confirmations provided by the other party (or by any affiliate of the other party), and shall not be liable in the event that an error is a result of any misinformation supplied by the other party
(g) The Fund and Distributor shall indemnify and hold ING Life Aetna harmless, from the effective date of this Agreement, against any amount ING Life Aetna is required to pay to Contract owners or participants due to: (i) an incorrect calculation of a Fund's daily net asset value, dividend rate, or capital gains distribution rate or (ii) incorrect or late reporting of the daily net asset value, dividend rate, or capital gain distribution rate of a Fund, upon written notification by ING LifeAetna, with supporting data, to Distributor. In addition, the Fund or the Distributor shall be liable to ING Life Aetna for systems and out of pocket costs incurred by ING Life Aetna in making a Contract ownerowners's or a participant's account whole, if such costs or expenses are a result of the Fund's or the Distributor's failure to provide timely or correct net asset values, dividend and capital gains or financial informationinformation and if such information is not corrected by 4:00 p.m. East Coast time of the next business day after releasing such incorrect information provided the incorrect NAV as well as the correct NAV for each day that the error occurred is provided. If a mistake is caused in supplying such information or confirmations, which results in a reconciliation with incorrect information, the amount required to make a Contract owner's or a participant's account whole shall be borne by the party providing the incorrect information, regardless of when the error is corrected.
(h) ING Life Aetna agrees to purchase and redeem the shares of the Funds named in Schedule B offered by the then current prospectus and statement of additional information of the Fund in accordance with the provisions of such prospectus and statement of additional information.
Appears in 1 contract
Samples: Fund Participation Agreement (Variable Annuity Acct C of Ing Life Insurance & Annuity Co)
Pricing Information; Orders; Settlement. (a) The Fund Distributor will make Fund shares available to be purchased by ING LifeAetna, and will accept redemption orders from ING LifeAetna, on behalf of each Account at the net asset value applicable to each order on those days on which the Fund calculates its net asset value (a "Business Day"). Fund shares shall be purchased and redeemed in such quantity and at such time determined by ING Life Aetna to be necessary to meet the requirements of those Contracts for which the Fund(s) serve as underlying investment media, provided, however, that the Board of Trustees of the Fund (hereinafter the "Trustees") may upon reasonable notice to ING LifeAetna, refuse to sell shares of any Portfolio to any person, or suspend or terminate the offering of shares of any Portfolio if such action is required by law or by regulatory authorities having jurisdiction or is, in the sole discretion of the Trustees, acting in good faith and in the best interests of the shareholders of any Portfolio and is acting in compliance with their fiduciary obligations under federal and/or any applicable state laws, necessary in the best interests of the shareholders of any Portfolio.
(b) The Fund Distributor will provide to ING Life Aetna 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"”), and in no event later than 6:30 p.m. Eastern Standard East Coast time on such Business Day. ING Life Aetna will send via facsimile or electronic transmission to the Fund or its specified agent orders to purchase and/or redeem Fund shares by 9 9:00 a.m. Eastern Standard Time East Coast time the following business day. Payment for net purchases will be wired by ING Life Aetna to an account designated by the Fund Distributor to coincide with the order for shares of the Fund.
(c) The Fund Distributor hereby appoints ING Life Aetna as its agent for the limited purpose of accepting purchase and redemption orders for Fund shares relating to the Contracts from Contract owners or participants. Orders from Contract owners or participants received from any distributor of the Contracts (including affiliates of ING LifeAetna) by ING LifeAetna, acting as agent for the FundDistributor, prior to the close of the Exchange on any given business day will be executed by the Fund at the net asset value determined as of the close of the Exchange on such Business Day, provided that the Fund Distributor receives written (or facsimile) notice of such order by 9 9:00 a.m. Eastern Standard East Coast Time on the next following Business Day. Any orders received by ING Life Aetna acting as agent on such day but after the close of the Exchange will be executed by the Fund 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, provided that the Fund Distributor receives written (or facsimile) notice of such order by 9 9:00 a.m. Eastern Standard East Coast Time within two days following the day of receipt of such order.
(d) Payments for net redemptions of shares of the Fund will be wired by the Fund Distributor to an account designated by ING Life by 4:00 p.m. Eastern Standard Time Aetna on the same Business Day ING Life Aetna places an order to redeem Fund Shares. Payments for net purchases of the Fund will be wired by ING Life Aetna to an account designated by the Fund by 4:00 p.m. Eastern Standard Time Distributor on the same Business Day ING Life Aetna places an order to purchase Fund shares. Payments shall be in federal funds transmitted by wire.
(e) In lieu of applicable provisions set forth in paragraphs 2(a) through 2(d) above, the parties may agree to provide pricing information, execute orders and wire payments for purchases and redemptions through National Securities Clearing Corporation's ’s Fund/SERV system in which case such activities will be governed by the provisions set forth in Exhibit I to this Agreement.
(f) Each party has the right to rely on information or confirmations provided by the other party (or by any affiliate of the other party), and shall not be liable in the event that an error is a result of any misinformation supplied by the other party
(g) The Fund and Distributor shall indemnify and hold ING Life Aetna harmless, from the effective date of this Agreement, against any amount ING Life Aetna is required to pay to Contract owners or participants due to: (i) an incorrect calculation of a Fund's ’s daily net asset value, dividend rate, or capital gains distribution rate or (ii) incorrect or late reporting of the daily net asset value, dividend rate, or capital gain distribution rate of a Fund, upon written notification by ING LifeAetna, with supporting data, to Distributor. In addition, the Fund or the Distributor shall be liable to ING Life Aetna for systems and out of pocket costs incurred by ING Life Aetna in making a Contract owner's owners’s or a participant's account whole, if such costs or expenses are a result of the Fund's or the Distributor's ’s failure to provide timely or correct net asset values, dividend and capital gains or financial informationinformation and if such information is not corrected by 4:00 p.m. East Coast time of the next business day after releasing such incorrect information provided the incorrect NAV as well as the correct NAV for each day that the error occurred is provided. If a mistake is caused in supplying such information or confirmations, which results in a reconciliation with incorrect information, the amount required to make a Contract owner's ’s or a participant's account whole shall be borne by the party providing the incorrect information, regardless of when the error is corrected.
(h) ING Life Aetna agrees to purchase and redeem the shares of the Funds named in Schedule B offered by the then current prospectus and statement of additional information of the Fund in accordance with the provisions of such prospectus and statement of additional information.
Appears in 1 contract
Samples: Fund Participation Agreement (Variable Annuity Acct C of Ing Life Insurance & Annuity Co)
Pricing Information; Orders; Settlement. (a) The Fund Distributor will make Fund Class A shares of the Funds available to be purchased by ING Lifethe Company, on behalf of each Account, and OFS will accept redemption orders from ING Lifethe Company, on behalf of each Account Account, at the net asset value applicable to each order on those days on which the Fund calculates its net asset value (a "Business Day"). Fund shares shall be purchased and redeemed in such quantity and at such time as determined by ING Life the Company to be necessary to meet the requirements of those Contracts for which the Fund(s) serve as underlying investment media, provided, however, that the Board of Trustees Trustees/Directors of the a Fund (hereinafter the "Trustees") may upon reasonable without notice to ING Lifethe Company, refuse to sell shares of any Portfolio Fund to any person, or suspend or terminate the offering of shares of any Portfolio Fund if such action is required by law or by regulatory authorities having jurisdiction or is, in the sole discretion of the Trustees, acting in good faith and in the best interests of the shareholders of any Portfolio Fund and is acting in compliance with their fiduciary obligations under federal and/or any applicable state laws, necessary in the best interests of the shareholders of any Portfolio.
(b) The Fund OFS will provide to ING Life 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"), and use its best efforts to provide or cause to be provided by 6:30 p.m. Eastern Standard time on each Business Day, but in no event shall communicate such information later than 6:30 7:00 p.m. Eastern Standard time on such Business DayDay unless the delay is due to extraordinary circumstances. ING Life The Company will send via facsimile or electronic transmission to the Fund OFS or its specified agent orders to purchase and/or redeem Fund shares by 9 9:00 a.m. Eastern Standard Time the following business day. Payment for net purchases will be wired by ING Life the Company to an account designated by the Fund Distributor to coincide with the order for shares of the Fund.
(c) The Fund Distributor hereby appoints ING Life the Company as its agent for the limited sole purpose of accepting purchase and redemption orders for Fund shares relating to the Contracts from Contract owners owners. Except as provided in the foregoing sentence, the Company shall not be, nor hold itself out to the public or participantsengage in any activity as, an agent or distributor for the Funds, or agent for OFS or Distributor or any of their affiliates. Orders from Contract owners or participants received from any distributor of the Contracts (including affiliates of ING Lifethe Company) by ING Lifethe Company, acting as agent for the FundDistributor, prior to the close of the Exchange (as indicated by date and time stamping) on any given business day will be executed by the Fund OFS, as transfer agent for the Funds, at the net asset value determined as of the close of the Exchange on such Business Day, provided that the Fund OFS receives written (or facsimile) notice of such order by 9 a.m. Eastern Standard Time on the next following Business Day. Any orders received by ING Life the Company acting as agent on such day but after the close of the Exchange will be executed by the Fund OFS 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, provided that the Fund OFS receives written (or facsimile) notice of such order by 9 a.m. Eastern Standard Time within two days 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 wired by the Fund OFS to an account designated by ING Life by 4:00 p.m. Eastern Standard Time the Company on the same Business Day ING Life the Company places an order to redeem Fund Sharesshares in accordance with the Terms of this Agreement. Payments for net purchases of the Fund shares will be wired by ING Life the Company to an account designated by the Fund by 4:00 p.m. Eastern Standard Time OFS on the same Business Day ING Life the Company places an order to purchase Fund shares. Payments shall be in federal funds transmitted by wire.
(e) In lieu of applicable provisions set forth in paragraphs 2(a3(a) through 2(d3(d) above, the parties may agree in writing to provide pricing information, execute orders and wire payments for purchases and redemptions through National Securities Clearing Corporation's Fund/SERV system in which case such activities will be governed by the provisions set forth in an Exhibit I to this Agreement.
(f) Each party has the right to rely on information or confirmations provided by the other party (or by any affiliate of the other party), and shall not be liable in the event that an error is a result of any misinformation supplied by the other party
(g) The Fund and Distributor shall indemnify and hold ING Life the Company harmless, from the effective date of this Agreement, against any amount ING Life the Company is required to pay to Contract owners or participants due to: (i) an incorrect calculation of a Fund's daily net asset value, dividend rate, or capital gains distribution rate or (ii) incorrect or unreasonably late reporting of the daily net asset value, dividend rate, or capital gain distribution rate of a Fund, upon written notification by ING Lifethe Company, with supporting data, to Distributor; provided, however, that no such amounts shall be paid or payable if they are not deemed material pursuant to the then prevailing industry standards as supported by the Securities and Exchange Commission guidance. In addition, subject to the Fund limits described in this subparagraph, OFS or the Distributor shall be liable to ING Life the Company for reasonable systems and out of pocket costs incurred by ING Life the Company in making a Contract ownerowners's or a participant's account whole, if such costs or expenses are a result of the FundOFS's or the Distributor's failure to provide timely or correct net asset values, dividend and capital gains or financial informationinformation and if such information is not corrected by 4:00 p.m. East Coast time of the next business day after releasing such incorrect information provided the incorrect NAV as well as the correct NAV for each day that the error occurred is provided. If a mistake is caused in supplying such information or confirmations, which results in a reconciliation with incorrect information, the amount required to make a Contract owner's or a participant's account whole shall be borne by the party providing the incorrect information, regardless of when the error is corrected. Any gain by a Contract owner attributable to the incorrect calculation or reporting of the daily net asset value, dividend rate or capital gains distribution rate shall, to the extent permissible promptly be returned to the Fund(s) involved; provided, however, that no such amounts shall returned if they are not deemed material pursuant to the then prevailing pricing error guidelines as set forth by the Securities and Exchange Commission and its staff. The following limits shall apply to the collective liabilities of the Distributor and/or OFS , as appropriate, to the Company for systems and out of pocket costs incurred by the Company if such costs or expenses are a result of the Distributor or OFS's failure to provide the Company with such correct or timely information: (i) $1,000 per day for each day that incorrect information provided by the Distributor or OFS is not corrected, if such period does not include a month-end or a fiscal quarter-end, (ii) $1,500 per day for each day that such incorrect information provided by the Distributor or OFS is not corrected, if such period does include a month-end or a fiscal quarter-end, and (iii) up to $50,000 per occurrence in the aggregate under (i) or (ii) above. Any incorrect information that has as a common nexus any single error shall be deemed to be one occurrence for these purposes provided all corrections are provided at the same time.
(h) ING Life The Company shall assume responsibility for any loss to Distributor or to OFS caused by the cancellation or correction made to an order subsequent to the date on which such order has been received by the Company and originally relayed to Distributor, and the Company will immediately pay such loss to Distributor or OFS upon receipt of written notification with supporting data.
(i) The Company agrees to purchase and redeem the shares of the Funds named in Schedule B offered by the then current prospectus and statement of additional information of the Fund in accordance with the provisions of such prospectus and statement of additional information.
(j) The Company acknowledges that the Funds or their designated agent will accept instructions only from the Company and that neither the Funds nor their designated agent will accept instructions directly from a Contract owner or participant.
Appears in 1 contract
Samples: Participation Agreement (Variable Annuity Acct C of Aetna Life Insurance & Annuity Co)
Pricing Information; Orders; Settlement. (a) The Fund Prudential will make Fund shares available to be purchased by ING Life, and will accept redemption orders from ING Life, on behalf of each Account at the net asset value applicable to each order on those days on which the Fund calculates its net asset value (a "Business Day"). Fund shares shall be purchased and redeemed in such quantity and at such time determined by ING Life to be necessary to meet the requirements of those Contracts for which the Fund(s) serve as underlying investment media, provided, however, that the Board of Trustees of the Fund (hereinafter the "Trustees") may upon reasonable notice to ING Life, refuse to sell shares of any Portfolio to any person, or suspend or terminate the offering of shares of any Portfolio if such action is required by law or by regulatory authorities having jurisdiction or is, in the sole discretion of the Trustees, acting in good faith and in the best interests of the shareholders of any Portfolio and in compliance with their fiduciary obligations under federal and/or any applicable state laws, necessary in the best interests of the shareholders of any Portfolio.
(b) The Fund Prudential will provide to ING Life 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"”), and by 6:30 p.m. Eastern Time, but in no event later than 6:30 7:00 p.m. Eastern Standard time on such Business DayDay absent extraordinary circumstances. In the event of an anticipated delay past 7:00 p.m., Prudential shall notify ING Financial by 7:00 p.m. of the anticipated delay. ING Life will send via facsimile or electronic transmission to the Fund or its specified agent orders to purchase and/or redeem Fund shares by 9 a.m. Eastern Standard Time the following business day. Payment for net purchases will be wired by ING Life to an account designated by the Fund to coincide with the order for shares of the Fund.
(c) The Fund Prudential hereby appoints ING Life as its agent for the limited purpose of accepting purchase and redemption orders for Fund shares relating to the Contracts from Contract owners or participants. Orders from Contract owners or participants received from any distributor of the Contracts (including affiliates of ING Life) by ING Life, acting as agent for the Fund, prior to the close of the Exchange on any given business day will be executed by the Fund at the net asset value determined as of the close of the Exchange on such Business Day, provided that the Fund receives written (or facsimile) notice of such order by 9 a.m. Eastern Standard Time on the next following Business Day. Any orders received by ING Life acting as agent on such day but after the close of the Exchange will be executed by the Fund 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, provided that the Fund receives written (or facsimile) notice of such order by 9 a.m. Eastern Standard Time within two days following the day of receipt of such order.
(d) Payments for net redemptions of shares of the Fund will be wired by the Fund to an account designated by ING Life by 4:00 p.m. Eastern Standard Time on the same Business Day ING Life places an order to redeem Fund Shares. Payments for net purchases of the Fund will be wired by ING Life to an account designated by the Fund by 4:00 p.m. Eastern Standard Time on the same Business Day ING Life places an order to purchase Fund shares. Payments shall be in federal funds transmitted by wire.
(e) In lieu of applicable provisions set forth in paragraphs 2(a) through 2(d) above, the parties may agree to provide pricing information, execute orders and wire payments for purchases and redemptions through National Securities Clearing Corporation's ’s Fund/SERV system in which case such activities will be governed by the provisions set forth in Exhibit I to this Agreement.
(f) Each party has the right to rely on information or confirmations provided by the other party (or by any affiliate of the other party), and shall not be liable in the event that an error is a result of any misinformation supplied by the other party
(g) The Fund and Distributor Prudential shall indemnify and hold ING Life harmless, from the effective date of this Agreement, against any amount ING Life is required to pay to Contract owners or participants due to: (i) an incorrect calculation of a Fund's ’s daily net asset value, dividend rate, or capital gains distribution rate or (ii) incorrect or late reporting of the daily net asset value, dividend rate, or capital gain distribution rate of a Fund, upon written notification by ING Life, with supporting data, to DistributorPrudential. In addition, the Fund or the Distributor Prudential shall be liable to ING Life for reasonable systems and out of out-of-pocket costs incurred by ING Life in making a Contract owner's or a participant's account whole, if such costs or expenses are a result of the Fund's or the DistributorPrudential's failure to provide timely or correct net asset values, dividend and capital gains or financial informationinformation and if such information is not corrected by 4:00 p.m. East Coast time of the next business day after releasing such incorrect information provided the incorrect NAV as well as the correct NAV for each day that the error occurred is provided. If a mistake is caused in supplying such information under this Section or confirmations, which results in a reconciliation with incorrect information, the amount required to make a Contract owner's ’s or a participant's account whole shall be borne by the party providing the incorrect information, regardless of when the error is corrected. The following limits shall apply to the liabilities of Prudential to ING for systems and out of pocket costs incurred by ING if such costs or expenses are a result of Prudential's failure to provide ING with such correct or timely information: (i) $1,500 per day for each day that incorrect information provided by Prudential is not corrected, if such period does not include a month-end or a fiscal quarter-end, (ii) $2,000 per day for each day that such incorrect information provided by Prudential is not corrected, if such period does include a month-end or a fiscal quarter-end, and (iii) up to $50,000 per occurrence in the aggregate under (i) or (ii) above. Any incorrect information that has as a common nexus any single error shall be deemed to be one occurrence for these purposes provided all corrections are provided at the same time.
(h) ING Life agrees to purchase and redeem the shares of the Funds named in Schedule B offered by the then current prospectus and statement of additional information of the Fund in accordance with the provisions of such prospectus and statement of additional information.
Appears in 1 contract
Samples: Fund Participation Agreement (Variable Annuity Acct C of Ing Life Insurance & Annuity Co)
Pricing Information; Orders; Settlement. (a) The Fund Distributor will make Fund shares available to be purchased by the Nominee or by ING Life, and will accept redemption orders from ING Lifeas applicable, on behalf of each Account the Accounts, at the net asset value applicable to each order on those days on which order; provided, however, that the Fund calculates its Plans or the Separate Accounts meet the criteria for purchasing shares of the Funds at net asset value (a "Business Day")as described in the Funds’ prospectuses. Fund shares shall be purchased and redeemed on a net basis for such Plans or such Separate Accounts in such quantity and at such time determined by ING Life or the Nominee to be necessary to meet the requirements of those Contracts for which the Fund(s) serve as underlying correspond with investment mediainstructions received by ING from contract owners, Plan Representatives or Participants, provided, however, that the Board of Trustees [Directors] of the Fund (hereinafter the "“Trustees"” [“Directors”]) may upon reasonable notice to ING LifeING, refuse to sell shares of any Portfolio Funds to any person, or suspend suspend, or terminate the offering of any shares of any Portfolio Funds if such action is required by law or by regulatory authorities having jurisdiction or is, in the sole discretion of the TrusteesTrustees [Directors], acting in good faith and in the best interests of the shareholders of any Portfolio and in compliance with their fiduciary obligations under federal and/or any applicable state laws, necessary in the best interests of the shareholders of any Portfolio.
(b) The Fund will provide to ING Life 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"), and in no event later than 6:30 p.m. Eastern Standard time on such Business Day. ING Life will send via facsimile or electronic transmission to the Fund or its specified agent orders to purchase and/or redeem Fund shares by 9 a.m. Eastern Standard Time the following business day. Payment for net purchases will be wired by ING Life to an account designated by the Fund to coincide with the order for shares of the Fund.
(c) The Fund hereby appoints ING Life as its agent for the limited purpose of accepting purchase and redemption orders for Fund shares relating to the Contracts from Contract owners or participants. Orders from Contract owners or participants received from any distributor of the Contracts (including affiliates of ING Life) by ING LifeFinancial, acting as agent for the FundFunds solely for the purposes expressed herein shall receive from contract owners, prior Plan Representatives or Participants for acceptance as of the Close of Trading on each Business Day orders for the purchase of shares of the Funds, exchange orders, and redemption requests and redemption directions with respect to shares of the Funds held by the Nominee or by ING Life on behalf of its Separate Accounts (“Instructions”). In addition, ING Financial shall (i) transmit to Distributor such Instructions no later than 9:00 a.m., East Coast time on the next following Business Day, and (ii) upon acceptance of any such Instructions, communicate such acceptance to the close contract owners, Plan Representatives or Plan Participants, as appropriate (“Confirmation”). The Business Day on which such Instructions are received in proper form by ING Financial and time stamped by the Close of Trading will be the Exchange date as of which Fund shares shall be deemed purchased, exchanged, or redeemed as a result of such Instructions (“Trade Date”). Instructions received in proper form by ING Financial and time stamped after the Close of Trading on any given business day will Business Day shall be executed by the Fund at the net asset value determined treated as of the close of the Exchange on such Business Day, provided that the Fund receives written (or facsimile) notice of such order by 9 a.m. Eastern Standard Time if received on the next following Business Day. Any orders ING Financial agrees that all Instructions received by ING Life acting as agent on such day but after the close of the Exchange Financial, which will be executed by the Fund at the net asset value determined transmitted to Distributor for processing as of a particular Business Day, will have been received and time stamped prior to the close Close of the Exchange Trading on the next business day following the day of receipt of such order, provided that the Fund receives written (or facsimile) notice of such order by 9 a.m. Eastern Standard Time within two days following the day of receipt of such orderprevious Business Day.
(d) Payments ING Financial will wire payment, or arrange for net redemptions of shares of the payment to be wired, for such purchase orders, in immediately available funds, to a Fund will be wired by the Fund to an custodial account or accounts designated by ING Life by Distributor, as soon as possible, but in any event no later than 4:00 p.m. Eastern Standard Time p.m., East Coast time on the same Business Day ING Life places an order after the Trade Date. (e) Distributor or its designees will wire payment, or arrange for payment to redeem Fund Shares. Payments be wired, for net purchases of the Fund will be wired by ING Life redemption orders, in immediately available funds, to an account or accounts designated by the Fund by ING Financial, as soon as possible, but in any event no later than 4:00 p.m. Eastern Standard Time East Coast time on the same next Business Day ING Life places an order to purchase Fund shares. Payments shall be in federal funds transmitted by wire.
(e) In lieu of applicable provisions set forth in paragraphs 2(a) through 2(d) above, the parties may agree to provide pricing information, execute on which such redemption orders and wire payments for purchases and redemptions through National Securities Clearing Corporation's Fund/SERV system in which case such activities will be governed by the provisions set forth in Exhibit I to this Agreement.
(f) Each party has the right to rely on information or confirmations provided by the other party (or by any affiliate of the other party), and shall not be liable in the event that an error is a result of any misinformation supplied by the other party
(g) The Fund and Distributor shall indemnify and hold ING Life harmless, from the effective date of this Agreement, against any amount ING Life is required to pay to Contract owners or participants due to: (i) an incorrect calculation of a Fund's daily net asset value, dividend rate, or capital gains distribution rate or (ii) incorrect or late reporting of the daily net asset value, dividend rate, or capital gain distribution rate of a Fund, upon written notification are made by ING Life, in conformance with supporting data, to Distributor. In addition, the Fund or the Distributor shall be liable to ING Life for systems and out of pocket costs incurred by ING Life in making a Contract owner's or a participant's account whole, if such costs or expenses are a result of the Fund's or the Distributor's failure to provide timely or correct net asset values, dividend and capital gains or financial information. If a mistake is caused in supplying such information or confirmations, which results in a reconciliation with incorrect information, the amount required to make a Contract owner's or a participant's account whole shall be borne by the party providing the incorrect information, regardless of when the error is correctedSection 4(c).
(h) ING Life agrees to purchase and redeem the shares of the Funds named in Schedule B offered by the then current prospectus and statement of additional information of the Fund in accordance with the provisions of such prospectus and statement of additional information.
Appears in 1 contract
Pricing Information; Orders; Settlement. (a) The Fund will make Fund shares available to be purchased by ING LifeRELIASTAR, and will accept redemption orders from ING LifeRELIASTAR, on behalf of each Account at the net asset value applicable to each order on those days on which the Fund calculates its net asset value (a "Business Day"). Fund shares shall be purchased and redeemed in such quantity and at such time determined by ING Life RELIASTAR to be necessary to meet the requirements of those Contracts for which the Fund(s) Fund serve as underlying investment media, provided, however, that the Board of Trustees of the Fund (hereinafter the "Trustees") may upon reasonable notice to ING LifeRELIASTAR, refuse to sell shares of any Portfolio to any person, or suspend or terminate the offering of shares of any Portfolio if such action is required by law or by regulatory authorities having jurisdiction or is, in the sole discretion of the Trustees, acting in good faith and in the best interests of the shareholders of any Portfolio and is acting in compliance with their fiduciary obligations under federal and/or any applicable state laws, necessary in the best interests of the shareholders of any Portfolio.
(b) The Fund will provide to ING Life RELIASTAR 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"), and in no event later than 6:30 p.m. Eastern Standard East Coast time on such Business Day. ING Life RELIASTAR will send via facsimile or electronic transmission to the Fund or its specified agent orders to purchase and/or redeem Fund shares by 9 9:00 a.m. Eastern Standard East Coast Time the following business day. Payment for net purchases will be wired by ING Life RELIASTAR to an account designated by the Fund to coincide with the order for shares of the Fund.
(c) The Fund hereby appoints ING Life RELIASTAR as its agent for the limited purpose of accepting purchase and redemption orders for Fund shares relating to the Contracts from Contract owners or participants. Orders from Contract owners or participants received from any distributor of the Contracts (including affiliates of ING LifeRELIASTAR) by ING LifeRELIASTAR, acting as agent for the Fund, prior to the close of the Exchange on any given business day will be executed by the Fund at the net asset value determined as of the close of the Exchange on such Business Day, provided that the Fund receives written (or facsimile) notice of such order by 9 a.m. Eastern Standard East Coast Time on the next following Business Day. Any orders received by ING Life RELIASTAR acting as agent on such day but after the close of the Exchange will be executed by the Fund 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, provided that the Fund receives written (or facsimile) notice of such order by 9 a.m. Eastern Standard East Coast Time within two days following the day of receipt of such order.
(d) Payments for net redemptions of shares of the Fund will be wired by the Fund to an account designated by ING Life by 4:00 p.m. Eastern Standard Time on the same Business Day ING Life places an order to redeem Fund Shares. Payments RELIASTAR, and payments for net purchases of the Fund will be wired by ING Life RELIASTAR to an account designated by the Fund by 4:00 p.m. Eastern Standard Time Fund. Payments for net redemptions and net purchases will be made on the same Business Day ING Life places an as the order to purchase or redeem Fund shares. Payments shall be in federal funds transmitted by wire.
(e) In lieu of applicable provisions set forth in paragraphs 2(a) through 2(d) above, the parties may agree to provide pricing information, execute orders and wire payments for purchases and redemptions through National Securities Clearing Corporation's Fund/SERV system in which case such activities will be governed by the provisions set forth in Exhibit I to this Agreement.
(f) Each party has the right to rely on information or confirmations provided by the other party (or by any affiliate of the other party), and shall not be liable in the event that an error is a result of any misinformation supplied by the other party.
(g) The Fund and Distributor shall indemnify and hold ING Life harmless, from the effective date of this Agreement, against any amount ING Life is required to pay to Contract owners or participants due to: (i) an incorrect calculation of a Fund's daily net asset value, dividend rate, or capital gains distribution rate or (ii) incorrect or late reporting of the daily net asset value, dividend rate, or capital gain distribution rate of a Fund, upon written notification by ING Life, with supporting data, to Distributor. In addition, the Fund or the Distributor shall be liable to ING Life for systems and out of pocket costs incurred by ING Life in making a Contract owner's or a participant's account whole, if such costs or expenses are a result of the Fund's or the Distributor's failure to provide timely or correct net asset values, dividend and capital gains or financial information. If a mistake is caused in supplying such information or confirmations, which results in a reconciliation with incorrect information, the amount required to make a Contract owner's or a participant's account whole shall be borne by the party providing the incorrect information, regardless of when the error is corrected.
(h) ING Life RELIASTAR agrees to purchase and redeem the shares of the Funds Portfolios named in Schedule B offered by the then current prospectus and statement of additional information of the Fund in accordance with the provisions of such prospectus and statement of additional information. RELIASTAR shall not permit any person other than a Contract owner or Participant to give instructions to RELIASTAR which would require RELIASTAR to redeem or exchange shares of the Fund. This provision shall not be construed to prohibit RELIASTAR from substituting shares of another fund, as permitted by law.
Appears in 1 contract
Samples: Fund Participation Agreement (Separate Account N of Reliastar Life)
Pricing Information; Orders; Settlement. (a) The Fund Distributor will make Fund shares available to be purchased by ING Lifethe Company, and will accept redemption orders from ING Lifethe Company, on behalf of each Account at the net asset value applicable to each order on those days on which the Fund calculates its net asset value (a "Business Day"). Fund shares shall be purchased and redeemed in such quantity and at such time determined by ING Life the Company to be necessary to meet the requirements of those Contracts for which the Fund(s) serve as underlying investment media, provided, however, that the Board of Trustees of the Fund (hereinafter the "Trustees") may upon reasonable notice to ING Lifethe Company, refuse to sell shares of any Portfolio Fund to any person, or suspend or terminate the offering of shares of any Portfolio Fund if such action is required by law or by regulatory authorities having jurisdiction or is, in the sole discretion of the Trustees, acting in good faith and in the best interests of the shareholders of any Portfolio Fund and is acting in compliance with their fiduciary obligations under federal and/or any applicable state laws, necessary in the best interests of the shareholders of any Portfolio.
(b) The Fund Distributor will provide or cause to ING Life be provided 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"), and in no event later than 6:30 7:00 p.m. Eastern Standard time on such Business Day. ING Life The Company will send via facsimile or electronic transmission to the Fund Distributor or its specified agent orders to purchase and/or redeem Fund shares by 9 8:00 a.m. Eastern Standard Time the following business day. Payment for net purchases will be wired by ING Life the Company to an account designated by the Fund Distributor to coincide with the order for shares of the Fund.
(c) The Fund Distributor hereby appoints ING Life the Company as its agent for the limited purpose of accepting purchase and redemption orders for Fund shares relating to the Contracts from Contract owners or participants. Orders from Contract owners or participants received from any distributor of the Contracts (including affiliates of ING Lifethe Company) by ING Lifethe Company, acting as agent for the FundDistributor, prior to the close of the Exchange on any given business day will be executed by or on behalf of the Fund at the net asset value determined as of the close of the Exchange on such Business Day, provided that the Fund Distributor receives written (or facsimile) notice of such order by 9 8:00 a.m. Eastern Standard Time on the next following Business Day. Any orders received by ING Life the Company acting as agent on such day but after the close of the Exchange will be executed by or on behalf of the Fund 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, provided that the Fund Distributor receives written (or facsimile) notice of such order by 9 8 a.m. Eastern Standard Time within two days following the day of receipt of such order.
(d) Payments for net redemptions of shares of the Fund will be wired or arranged to be wired by the Fund Distributor to an account designated by ING Life by 4:00 p.m. Eastern Standard Time the Company on the same Business Day ING Life the Company places an order to redeem Fund Shares. Payments for net purchases of the Fund will be wired by ING Life the Company to an account designated by the Fund by 4:00 p.m. Eastern Standard Time Distributor on the same Business Day ING Life the Company places an order to purchase Fund shares. Payments shall be in federal funds transmitted by wire.
(e) In lieu of applicable provisions set forth in paragraphs 2(a) through 2(d) above, the parties may agree to provide pricing information, execute orders and wire payments for purchases and redemptions through National Securities Clearing Corporation's Fund/SERV system in which case such activities will be governed by the provisions set forth in Exhibit I 1 to this Agreement.
(f) Each party has the right to rely on information or confirmations provided by the other party (or by any affiliate of the other party), and shall not be liable in the event that an error is a result of any misinformation supplied by the other party
(g) The Fund and Distributor shall indemnify and hold ING Life the Company harmless, from the effective date of this Agreement, against any amount ING Life the Company is required to pay to Contract owners or participants (excluding consequential damages due to: (i) an incorrect calculation of a Fund's daily net asset value, dividend rate, or capital gains distribution rate or (ii) incorrect or late reporting of the daily net asset value, dividend rate, or capital gain distribution rate of a Fund, upon written notification by ING Lifethe Company, with supporting data, to Distributor. In addition, the Fund or the Distributor shall be liable to ING Life reimburse the Company for reasonable and demonstrable systems and out of pocket costs incurred by ING Life the Company in making a Contract ownerowners's or a participant's account whole, if such costs or expenses are a result of the Fund's or the Distributor's failure to provide timely or correct net asset values, dividend and capital gains or financial informationinformation and if such information is not corrected by 4:00 p.m. East Coast time of the next business day after releasing such incorrect information provided the incorrect NAV as well as the correct NAV for each day that the error occurred is provided. If a mistake is caused in supplying such information or confirmations, which results in a reconciliation with incorrect information, the amount required to make a Contract owner's or a participant's account whole shall be borne by the party providing the incorrect information, regardless of when the error is corrected. The parties agree that the Distributor shall not be responsible for earnings and/or appreciation that Contract owners or participants would have realized on amounts that should have been but were not invested (or withdrawn from) other funds within the plan (i.e., any funds that were not the subject of the pricing error) in accordance with an instruction due to an error or delay with respect to the procedures outlined in the Agreement which is caused by the Distributor.
(h) ING Life The Company agrees to purchase and redeem the shares of the Funds named in Schedule B offered by the then current prospectus and statement of additional information of the Fund in accordance with the provisions of such prospectus and statement of additional information.
Appears in 1 contract
Samples: Fund Participation Agreement (Variable Annuity Acct C of Ing Life Insurance & Annuity Co)
