Common use of Purchase and Redemption of Fund Shares Clause in Contracts

Purchase and Redemption of Fund Shares. 1.1 The Fund and the Underwriter agree to sell to the Company those shares of the Portfolios which the Company orders on behalf of any Separate Account, executing such orders on a daily basis at the net asset value next computed after receipt and acceptance by the Fund or its designee of such order. For purposes of this Section 1.1, the Company shall be the designee of the Fund for receipt of such orders from each Separate Account and receipt by such designee shall constitute receipt by the Fund; provided that the Fund or the Underwriter receives notice of such order by 9:00 a.m. Eastern Time on the next following Business Day. The Company shall pay for Portfolio shares by the scheduled close of federal funds transmissions on such next following Business Day after it places an order to purchase Portfolio shares in accordance with this Section and the Company shall be liable for any loss to the Underwriter or the Fund in any way arising from a cancellation or adjustment caused by the Company's failure to pay for such shares by such close of federal funds transmissions; provided, however, such liability of the Company shall not exceed the applicable increase in share net asset value between the net asset value next determined after the order was received and the net asset value next determined after the federal funds payment for such order is received by the Fund's designated custodian. Payment shall be in federal funds transmitted by wire to the Fund's designated custodian. "Business Day" shall mean any day on which the New York Stock Exchange is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC.

Purchase and Redemption of Fund Shares. 1.1 The Fund and the Underwriter HIFSCO agree to sell to the Company those shares of the Portfolios which the Company orders on behalf of any Separate Account, executing such orders on a daily basis at the net asset value next computed after receipt and acceptance by the Fund or its designee of such order. For purposes of this Section 1.1, the Company shall be the designee of the Fund for receipt of such orders from each Separate Account and receipt by such designee shall constitute receipt by the Fund; provided that the Fund or the Underwriter HIFSCO receives notice of such order by 9:00 a.m. Eastern Time on the next following Business Day. The Company shall pay for Portfolio shares by the scheduled close of federal funds transmissions on such next following Business Day after it places an order to purchase Portfolio shares in accordance with this Section and the Company shall be liable for any loss to the Underwriter HIFSCO or the Fund in any way arising from a cancellation or adjustment caused by the Company's ’s failure to pay for such shares by such close of federal funds transmissions; provided, however, such liability of the Company shall not exceed the applicable increase in share net asset value between the net asset value next determined after the order was received and the net asset value next determined after the federal funds payment for such order is received by the Fund's ’s designated custodian. Payment shall be in federal funds transmitted by wire to the Fund's ’s designated custodian. "“Business Day" ” shall mean any day on which the New York Stock Exchange is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC.

Purchase and Redemption of Fund Shares. 1.1 The Fund and the Underwriter HIFSCO agree to sell to the Company those shares of the Portfolios which the Company orders on behalf of any Separate Account, executing such orders on a daily basis at the net asset value next computed after receipt and acceptance by the Fund or its designee of such order. For purposes of this Section 1.1, the Company shall be the designee of the Fund for receipt of such orders from each Separate Account and receipt by such designee shall constitute receipt by the Fund; provided that the Fund or the Underwriter HIFSCO receives notice of such order by 9:00 a.m. Eastern Time on the next following Business Day. The Company shall pay for Portfolio shares by the scheduled close of federal funds transmissions on such next following Business Day after it places an order to purchase Portfolio shares in accordance with this Section and the Company shall be liable for any loss to the Underwriter HIFSCO or the Fund in any way arising from a cancellation or adjustment caused by the Company's failure to pay for such shares by such close of federal funds transmissions; provided, however, such liability of the Company shall not exceed the applicable increase in share net asset value between the net asset value next determined after the order was received and the net asset value next determined after the federal funds payment for such order is received by the Fund's designated custodian. Payment shall be in federal funds transmitted by wire to the Fund's designated custodian. "Business Day" shall mean any day on which the New York Stock Exchange is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC.