Common use of Purchase and Redemption of Trust Portfolio Shares Clause in Contracts

Purchase and Redemption of Trust Portfolio Shares. 1.1. For purposes of this Article I, the Company shall be the Trust's agent for the receipt from each account of purchase orders and requests for redemption pursuant to the Contracts relating to each Portfolio, provided that the Company receives such orders or requests prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund's prospectus (as of the date of execution of this Agreement, at the close of regular trading on the New York Stock Exchange, which is typically at 4:00 Eastern time), and provided further that the Company notifies the Trust of such purchase orders and requests for redemption by 9:00 a.m. Eastern time on the next following Business Day, as defined in Section 1.3. 1.2. The Trust shall make shares of the Portfolios available to the Accounts at the net asset value next computed after receipt of a purchase order by the Trust (or its agent, including the Company), as established in accordance with the provisions of the then current prospectus of the Trust describing Portfolio purchase procedures. The Company will transmit orders from time to time to the Trust for the purchase and redemption of shares of the Portfolios. The Trustees of the Trust (the "Trustees") may 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 if, in the sole discretion of the Trustees acting in good faith and in light of their fiduciary duties under Federal and any applicable state laws, such action is deemed in the best interests of the shareholders of such Portfolio. 1.3. The Company shall pay for the purchase of shares of a Portfolio on behalf of an Account with federal funds to be transmitted by wire to the Trust, with the reasonable expectation of receipt by the Trust by 4:00 p.m. Eastern time on the same Business Day that the Trust (or its agent, not including the Company) receives the purchase order from the Company. Upon receipt by the Trust of the federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Trust for this purpose. "Business Day" shall mean any day on which the New York Stock Exchange is open for trading and on which the Trust calculates its net asset value pursuant to the rules of the Commission.

Purchase and Redemption of Trust Portfolio Shares. 1.1. For purposes of this Article I, the Company shall be the Trust's agent for the receipt from each account of purchase orders and requests for redemption pursuant to the Contracts relating to each Portfolio, provided that the Company receives such orders or requests prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund's prospectus (as of the date of execution of this Agreement, at the close of regular trading on the New York Stock Exchange, which is typically at 4:00 Eastern time), and provided further that the Company notifies the Trust of such purchase orders and requests for redemption by 9:00 9:30 a.m. Eastern time on the next following Business Day, as defined in Section 1.3. 1.2. The Trust shall make shares of the Portfolios available to the Accounts at the net asset value next computed after receipt of a purchase order by the Trust (or its agent, including the Company), as established in accordance with the provisions of the then current prospectus of the Trust describing Portfolio purchase procedures. The Company will transmit orders from time to time to the Trust for the purchase and redemption of shares of the Portfolios. The Trustees of the Trust (the "Trustees") may 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 if, in the sole discretion of the Trustees acting in good faith and in light of their fiduciary duties under Federal federal and any applicable state laws, such action is deemed in the best interests of the shareholders of such Portfolio. 1.3. The Company shall pay for the purchase of shares of a Portfolio on behalf of an Account with federal funds to be transmitted by wire to the Trust, with the reasonable expectation of receipt by the Trust by 4:00 p.m. Eastern time on the same next Business Day that after the Trust (or its agent, not including the Company) receives the purchase order from the Companyorder. Upon receipt by the Trust of the federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Trust for this purpose. "Business Day" shall mean any day on which the New York Stock Exchange is open for trading and on which the Trust calculates its net asset value pursuant to the rules of the Commission.

Purchase and Redemption of Trust Portfolio Shares. 1.1. 1.1 For purposes of this Article I, the Company shall be the Trust's agent for the receipt from each account of purchase orders and requests for redemption pursuant to the Contracts relating to each PortfolioPortfolio from each Account, provided that the Company receives such orders or requests prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund's prospectus (as of the date of execution of this Agreement, at the close of regular trading on the New York Stock Exchange, which is typically at 4:00 Eastern time), and provided further that the Company notifies the Trust of such purchase orders and requests for redemption by 9:00 a.m. Eastern time on the next following Business Day, as defined in Section 1.3. 1.2. 1.2 The Trust shall agrees to make shares of the Portfolios available to the Accounts for purchase at the net asset value per share next computed after receipt of a purchase order by the Trust (or its agent, including the Company), as established in accordance with the provisions of the then current prospectus of the Trust describing Portfolio purchase proceduresprocedures on those days on which the Trust calculates its net asset value pursuant to rules of the SEC, and the Trust shall use its best efforts to calculate such net asset value on each day on which the New York Stock Exchange ("NYSE") is open for trading. The Company will transmit orders from time to time to the Trust for the purchase and redemption of shares of the Portfolios. The Trustees of the Trust (the "Trustees") may 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 if, in the sole discretion of the Trustees acting in good faith and in light of their fiduciary duties under Federal federal and any applicable state laws, such action is deemed in the best interests of the shareholders of such Portfolio. 1.3. Without limiting the foregoing, the Trustees have determined that there is a significant risk that the Trust and its shareholders may be adversely affected by investors whose purchase and redemption activity follows a market timing pattern, and have authorized the Trust, the Underwriter and the Trust's transfer agent to adopt procedures and take other action (including without limitation rejecting specific purchase orders) as they deem necessary to reduce, discourage or eliminate market timing activity. The Company agrees to cooperate with the Trust to assist the Trust in implementing the Trust's restrictions on Market Timers. 1.3 The Company shall pay submit payment for the purchase of shares of a Portfolio on behalf of an Account with no later than the close of business on the next Business Day after the Trust receives the purchase order. Payment shall be made in federal funds to be transmitted by wire to the Trust, with the reasonable expectation of receipt by the Trust by 4:00 p.m. Eastern time on the same Business Day that the Trust (or its agent, not including the Company) receives the purchase order from the Companydesignated custodian. Upon receipt by the Trust of the federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Trust for this purpose. "Business Day" shall mean any day on which the New York Stock Exchange NYSE is open for trading and on which the Trust calculates its net asset value pursuant to the rules of the CommissionSEC.

Purchase and Redemption of Trust Portfolio Shares. 1.1. For purposes of this Article I, the Company shall be the Trust's agent for the receipt from each account of purchase orders and requests for redemption pursuant to the Contracts relating to each Portfolio, provided that the Company receives such orders or requests prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund's prospectus (as of the date of execution of this Agreement, at the close of regular trading on the New York Stock Exchange, which is typically at 4:00 Eastern time), and provided further that the Company notifies the Trust of such purchase orders and requests for redemption ordinarily by 9:00 9:30 a.m. Eastern time ( but on occasion may notify the Trust by 10:00 a.m. Eastern time) on the next following Business Day, as defined in Section 1.3. 1.2. The Trust shall make shares of the Portfolios available to the Accounts at the net asset value next computed after receipt of a purchase order by the Trust (or its agent, including the Company), as established in accordance with the provisions of the then current prospectus of the Trust describing Portfolio purchase procedures. The Company will transmit orders from time to time to the Trust for the purchase and redemption of shares of the Portfolios. The Trustees of the Trust (the "Trustees") may 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 if, in the sole discretion of the Trustees acting in good faith and in light of their fiduciary duties under Federal federal and any applicable state laws, such action is deemed in the best interests of the shareholders of such Portfolio. 1.3. The Company shall pay for the purchase of shares of a Portfolio on behalf of an Account with federal funds to be transmitted by wire to the Trust, with the reasonable expectation of receipt by the Trust by 4:00 2:00 p.m. Eastern time on the same next Business Day that after the Trust (or its agent, not including the Company) receives the purchase order from the Companyorder. Upon receipt by the Trust of the federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Trust for this purpose. "Business Day" shall mean any day on which the New York Stock Exchange is open for trading and on which the Trust calculates its net asset value pursuant to the rules of the Commission.

Purchase and Redemption of Trust Portfolio Shares. 1.1. For purposes of this Article I, the Company shall be the Trust's agent for the receipt from each account of purchase orders and requests for redemption pursuant to the Contracts relating to each Portfolio, provided that the Company receives such orders or requests prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund's prospectus (as of the date of execution of this Agreement, at the close of regular trading on the New York Stock Exchange, which is typically at 4:00 Eastern time), and provided further that the Company notifies the Trust of such purchase orders and requests for redemption by 9:00 9:30 a.m. Eastern time on the next following Business Day, as defined in Section 1.3. 1.2. The Trust shall make shares of the Portfolios available to the Accounts at the net asset value next computed after receipt of a purchase order by the Trust (or its agent, including the Company), as established in accordance with the provisions of the then current prospectus of the Trust describing Portfolio purchase procedures. The Company will transmit orders from time to time to the Trust for the purchase and redemption of shares of the Portfolios. The Trustees of the Trust (the "Trustees") may 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 if, in the sole discretion of the Trustees acting in good faith and in light of their fiduciary duties under Federal federal and any applicable state laws, such action is deemed in the best interests of the shareholders of such Portfolio. 1.3. The Company shall pay for the purchase of shares of a Portfolio on behalf of an Account with federal funds to be transmitted by wire to the Trust, with the reasonable expectation of receipt by the Trust by 4:00 2:00 p.m. Eastern time on the same next Business Day that after the Trust (or its agent, not including the Companyagents) receives the purchase order from the Companyorder. Upon receipt by the Trust of the federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Trust for this purpose. "Business Day" shall mean any day on which the New York Stock Exchange is open for trading and on which the Trust calculates its net asset value pursuant to the rules of the Commission.

Purchase and Redemption of Trust Portfolio Shares. 1.1. For purposes of this Article I, the Company shall be the Trust's agent for the receipt from each account of purchase orders and requests for redemption pursuant to the Contracts relating to each Portfolio, provided that the Company receives such orders or requests prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund's prospectus (as of the date of execution of this Agreement, at the close of regular trading on the New York Stock Exchange, which is typically at 4:00 Eastern time), and provided further that the Company notifies the Trust of such purchase orders and requests for redemption by 9:00 9:30 a.m. Eastern time on the next following Business Day, as defined in Section 1.3.. The Trust shall confirm receipt of the daily purchase orders and requests for redemption by 11:00 a.m. 1.2. The Trust shall make shares of the Portfolios available to the Accounts at the net asset value next computed after receipt of a purchase order by the Trust (or its agent, including the Company), as established in accordance with the provisions of the then current prospectus of the Trust describing Portfolio purchase procedures. The Company will transmit orders from time to time to the Trust for the purchase and redemption of shares of the Portfolios. The Trustees of the Trust (the "Trustees") may 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 if, in the sole discretion of the Trustees acting in good faith and in light of their fiduciary duties under Federal federal and any applicable state laws, such action is deemed in the best interests of the shareholders of such Portfolio. 1.3. The Company shall pay for the purchase of shares of a Portfolio on behalf of an Account with federal funds to be transmitted by wire to the Trust, with the reasonable expectation of receipt by the Trust by 4:00 2:00 p.m. Eastern time on the same next Business Day that after the Trust (or its agent, not including the Company) receives the purchase order from the Companyorder. Upon receipt by the Trust of the federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Trust for this purpose. "Business Day" shall mean any day on which the New York Stock Exchange is open for trading and on which the Trust calculates its net asset value pursuant to the rules of the Commission.

Purchase and Redemption of Trust Portfolio Shares. 1.1. For purposes of this Article I, the Company shall be the Trust's agent for the receipt from each account of purchase orders and requests for redemption pursuant to the Contracts relating to each Portfolio, provided that the Company receives such orders or requests prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund's prospectus (as of the date of execution of this Agreement, at the close of regular trading on the New York Stock Exchange, which is typically at 4:00 Eastern time), and provided further that the Company notifies the Trust of such purchase orders and requests for redemption by 9:00 9:30 a.m. Eastern time on the next following Business Day, Day as defined in Section 1.3, next following the day of receipt by the Company of the purchase order or redemption request. 1.2. The Trust shall make shares of the Portfolios available to the Accounts at the net asset value next computed after receipt of a purchase order by the Trust (or its agent, including the Company), as established in accordance with the provisions of the then current prospectus of the Trust describing Portfolio purchase procedures. The Company will transmit orders from time to time to the Trust for the purchase and redemption of shares of the Portfolios. The Trustees of the Trust (the "Trustees") may 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 if, in the sole discretion of the Trustees acting in good faith and in light of their fiduciary duties under Federal federal and any applicable state laws, such action is deemed in the best interests of the shareholders of such Portfolio. 1.3. The Company shall pay for the purchase of shares of a Portfolio on behalf of an Account with federal funds to be transmitted by wire to the Trust, with the reasonable expectation of receipt by the Trust by 4:00 2:00 p.m. Eastern time on the same next Business Day that after the Trust (or its agent, not including the Company) receives the purchase order from the Companyorder. Upon receipt by the Trust of the federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Trust for this purpose. "Business Day" shall mean any day on which the New York Stock Exchange is open for trading and on which the Trust calculates its net asset value pursuant to the rules of the Commission.

Purchase and Redemption of Trust Portfolio Shares. 1.1. For purposes of this Article I, the Company shall be the Trust's agent for the receipt from each account of purchase orders and requests for redemption pursuant to the Contracts relating to each Portfolio, provided that the Company receives such orders or requests prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund's prospectus (as of the date of execution of this Agreement, at the close of regular trading on the New York Stock Exchange, which is typically at 4:00 Eastern time), and provided further that the Company notifies the Trust of such purchase orders and requests for redemption by 9:00 9:30 a.m. Eastern time on the next following Business Day, as defined in Section 1.3. Notification shall be provided by facsimile at the following number: (201) 547-3605. 1.2. The Trust shall Xxx Xxxxx xhall make shares of the Portfolios available to the Accounts at the net asset value next computed after receipt of a purchase order by the Trust (or its agent, including the Company), as established in accordance with the provisions of the then current prospectus of the Trust describing Portfolio purchase procedures. The Company will transmit orders from time to time to the Trust for the purchase and redemption of shares of the Portfolios. The Trustees of the Trust (the "Trustees") may 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 if, in the sole discretion of the Trustees acting in good faith and in light of their fiduciary duties under Federal federal and any applicable state laws, such action is deemed in the best interests of the shareholders of such Portfolio. 1.3. The Company shall pay for the purchase of shares of a Portfolio on behalf of an Account with federal funds to be transmitted by wire to the Trust, with the reasonable expectation of receipt by the Trust by 4:00 2:00 p.m. Eastern time on the same next Business Day that after the Trust (or its agent, not including the Company) receives the purchase order from the Companyorder. Upon receipt by the Trust of the federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Trust for this purpose. "Business Day" shall mean any day on which the New York Stock Exchange is open for trading and on which the Trust calculates its net asset value pursuant to the rules of the Commission.

Purchase and Redemption of Trust Portfolio Shares. 1.1. 1.1 For purposes of this Article I1, the Company shall be the Trust's agent for the receipt from each account of purchase orders and requests for redemption pursuant to the Contracts relating to each Portfolio, provided that the Company receives such orders or requests prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund's prospectus (as of the date of execution of this Agreement, at the close of regular trading on the New York Stock Exchange, which is typically at 4:00 Eastern time), and provided further that the Company notifies the Trust of such purchase orders and requests for redemption ordinarily by 9:00 9:30 a.m. Eastern time ( but on occasion may notify the Trust by 10:00 a.m. Eastern time) on the next following Business Day, as defined in Section 1.3. 1.2. 1.2 The Trust shall make shares of the Portfolios available to the Accounts at the net asset value next computed after receipt of a purchase order by the Trust (or its agent, including the Company), as established in accordance with the provisions of the then current prospectus of the Trust describing Portfolio purchase procedures. The Company will transmit orders from time to time to the Trust for the purchase and redemption of shares of the Portfolios. The Trustees of the Trust (the "Trustees") may 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 if, in the sole discretion of the Trustees acting in good faith and in light of their fiduciary duties under Federal federal and any applicable state laws, such action is deemed in the best interests of the shareholders of such Portfolio. 1.3. 1.3 The Company shall pay for the purchase of shares of a Portfolio on behalf of an Account with federal funds to be transmitted by wire to the Trust, with the reasonable expectation of receipt by the Trust by 4:00 2:00 p.m. Eastern time on the same next Business Day that after the Trust (or its agent, not including the Company) receives the purchase order from the Companyorder. Upon receipt by the Trust of the federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Trust for this purpose. "Business Day" shall mean any day on which the New York Stock Exchange is open for trading and on which the Trust calculates its net asset value pursuant to the rules of the Commission.

Purchase and Redemption of Trust Portfolio Shares. 1.1. For purposes of this Article I, the Company shall be the Trust's agent for the receipt from each account of purchase orders and requests for redemption pursuant to the Contracts relating to each Portfolio, provided that the Company receives such orders or requests prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund's prospectus (as of the date of execution of this Agreement, at the close of regular trading on the New York Stock Exchange, which is typically at 4:00 Eastern time), and provided further that the Company notifies the Trust of such purchase orders and requests for redemption by 9:00 a.m. 12:00 pm Eastern time on the next following Business Day, as defined in Section 1.3. 1.2. The Trust shall make shares of the Portfolios available to the Accounts at the net asset value next computed after receipt of a purchase order by the Trust (or its agent, including the Company), as established in accordance with the provisions of the then current prospectus of the Trust describing Portfolio purchase procedures. The Company will transmit orders from time to time to the Trust for the purchase and redemption of shares of the Portfolios. The Trustees of the Trust (the "Trustees") may 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 if, in the sole discretion of the Trustees acting in good faith and in light of their fiduciary duties under Federal federal and any applicable state laws, such action is deemed in the best interests of the shareholders of such Portfolio. 1.3. The Company shall pay for the purchase of shares of a Portfolio on behalf of an Account with federal funds to be transmitted by wire to the Trust, with the reasonable expectation of receipt by the Trust by 4:00 2:00 p.m. Eastern time on the same next Business Day that after the Trust (or its agent, not including the Company) receives the purchase order from the Companyorder. Upon receipt by the Trust of the federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Trust for this purpose. "Business Day" shall mean any day on in which the New York Stock Exchange is open for trading and on which the Trust calculates its net asset value pursuant to the rules of the Commission.

Purchase and Redemption of Trust Portfolio Shares. 1.1. 1.1 For purposes of this Article I, the Company shall be the Trust's agent for the receipt from each account of purchase orders and requests for redemption pursuant to the Contracts relating to each PortfolioPortfolio from each Account, provided that the Company receives such orders or requests prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund's prospectus (as of the date of execution of this Agreement, at the close of regular trading on the New York Stock Exchange, which is typically at 4:00 Eastern time), and provided further that the Company notifies the Trust of such purchase orders and requests for redemption by 9:00 a.m. Eastern time on the next following Business Day, as defined in Section 1.3. 1.2. 1.2 The Trust shall agrees to make shares of the Portfolios available to the Accounts for purchase at the net asset value per share next computed after receipt of a purchase order by the Trust (or its agent, including the Company), as established in accordance with the provisions of the then current prospectus of the Trust describing Portfolio purchase proceduresprocedures on those days on which the Trust calculates its net asset value pursuant to rules of the SEC, and the Trust shall use its best efforts to calculate such net asset value on each day on which the New York Stock Exchange ("NYSE") is open for trading. The Company will transmit orders from time to time to the Trust for the purchase and redemption of shares of the Portfolios. The Trustees of the Trust (the "Trustees") may 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 if, in the sole discretion of the Trustees acting in good faith and in light of their fiduciary duties under Federal federal and any applicable state laws, such action is deemed in the best interests of the shareholders of such Portfolio. Without limiting the foregoing, the Trustees have determined that there is a significant risk that the Trust and its shareholders may be adversely affected by investors whose purchase and redemption activity follows a market timing pattern, and have authorized the Trust, the Underwriter and the Trust's transfer agent to adopt procedures and take other action (including without limitation rejecting specific purchase orders) as they deem necessary to reduce, discourage or eliminate market timing activity. 1.3. 1.3 The Company shall pay submit payment for the purchase of shares of a Portfolio on behalf of an Account with no later than the close of business on the next Business Day after the Trust receives the purchase order. Payment shall be made in federal funds to be transmitted by wire to the Trust, with the reasonable expectation of receipt by the Trust by 4:00 p.m. Eastern time on the same Business Day that the Trust (or its agent, not including the Company) receives the purchase order from the Companydesignated custodian. Upon receipt by the Trust of the federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Trust for this purpose. "Business Day" shall mean any day on which the New York Stock Exchange NYSE is open for trading and on which the Trust calculates its net asset value pursuant to the rules of the CommissionSEC.