Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares that may be held in the general account of the Company) for Shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information therefore) on any day 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 (a "Business Day") by the Company as such limited agent of the Fund prior to the time that the Fund calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day. (b) The Company shall pay for Shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Designated Portfolio Shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund. (c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same Business Day that the Fund is properly notified of the redemption order for such Shares pursuant to Section 1.3(a) (unless redemption proceeds are to be applied to the purchase of Shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, the Company alone shall be responsible for such action. (d) Any purchase or redemption request for Designated Portfolio Shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 50 contracts
Samples: Participation Agreement (Deutsche DWS Variable Series Ii), Participation Agreement (Deutsche Variable Series Ii), Participation Agreement (Deutsche Variable Series I)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information thereforetherefor) on any day the New York Stock Exchange is open for trading and on which the Fund calculates its it net asset value pursuant to the rules of the SEC (a "Business Day") by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 4:00 p.m. Eastern Time on the same Business Day day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios Portfolio in accordance with Section 1.3(b) of this Agreement), except that the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 25 contracts
Samples: Participation Agreement (Equitable Life Insurance Co of Iowa Separate Account A), Participation Agreement (Golden American Life Insurance Co /Ny/), Participation Agreement (Separate Account B of Golden American Life Insurance Co)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information thereforetherefor) on any day 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 (a "Business Day") by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 9:00 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 4:00 p.m. Eastern Time on the same Business Day day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement), except that the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, ; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 24 contracts
Samples: Participation Agreement (Woodmen Variable Annuity Account), Participation Agreement (Cova Variable Annuity Account One), Participation Agreement (Group Vel Acct of 1st Allmerica Financial Life Ins Co)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information thereforetherefor) on any day 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 (a "“Business Day"”) by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus Fund’s statutory prospectus, as such term is defined in Rule 498 under the 1933 Act (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt and acceptance by the Fund on that same Business Day, provided that the Fund or its designated agent receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 6:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption which request may be net of Shares redemptions of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Accountshares). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's ’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant shares (which order shall be net of any purchase orders) except that the Fund reserves the right to Section 1.3(a) (unless redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds are to be applied to the purchase extent permitted under Section 22(e) of Shares of other Designated Portfolios the 1940 Act and any Rules thereunder, and in accordance with Section 1.3(b) the procedures and policies of this Agreement)the Fund as described in the then current statutory prospectus and/or SAI. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, ; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's ’s general account shall be effected at the net asset value per share next determined after the Fund's ’s receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund’s statutory prospectus.
(e) The Company shall not redeem Fund Prospectusshares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a “Legally Required Redemption”), (iii) upon 45 days prior written notice to the Fund and the Underwriter, as permitted by an order of the SEC pursuant to Section 26(c) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with the terms of the Contracts, or (iv) as permitted under the terms of the Contracts. Upon request, the Company will promptly furnish to the Fund reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the Fund 30 days notice of its intention to do so.
Appears in 19 contracts
Samples: Participation Agreement (Separate Account a of Pacific Life & Annuity Co), Participation Agreement (Separate Account a of Pacific Life & Annuity Co), Participation Agreement (Separate Account a of Pacific Life Insurance Co)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares that may be held in the general account of the Company) for Shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information therefore) on any day 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 (a "“Business Day"”) by the Company as such limited agent of the Fund prior to the time that the Fund calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Designated Portfolio Shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's ’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same Business Day that the Fund is properly notified of the redemption order for such Shares pursuant to Section 1.3(a) (unless redemption proceeds are to be applied to the purchase of Shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares held or to be held in the Company's ’s general account shall be effected at the net asset value per share next determined after the Fund's ’s receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 12 contracts
Samples: Participation Agreement (Brighthouse Separate Account A), Participation Agreement (Protective NY COLI VUL), Participation Agreement (Protective COLI VUL)
Purchase and Redemption Procedures. (a) The Fund Distributor hereby appoints the Company as an agent of the Fund Funds for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios Funds made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information thereforetherefor) on any day the New York Stock Exchange is open for trading and on which the a Designated Fund calculates its net asset value pursuant to the rules of the SEC (a "Business Day") pursuant to the rules of the Securities and Exchange Commission ("SEC"), by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) Fund's prospectus shall constitute receipt and acceptance by the Designated Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio Fund on the same day Business Day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares Fund shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 12:00 3:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) Fund shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios Funds effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares Fund shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio Fund transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares Fund shares redeemed by the Account or the Company normally shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person person. The Funds shall use reasonable efforts to wire such funds by 3 p.m. Eastern Time on the same Business Day that the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios Funds in accordance with Section 1.3(b) of this Agreement). The , except that the Fund shall not bear any responsibility whatsoever for reserves the proper disbursement or crediting right to delay payment of redemption proceeds by to the Companyextent permitted under Section 22(e) of the 1940 Act and any rules thereunder, and in accordance with the Company alone shall be responsible for such actionprocedures and policies of the Fund as described in the then-current prospectus.
(d) Any purchase or redemption request for Designated Portfolio Shares Fund shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund's prospectus.
(e) If transactions in Fund Prospectusshares are to be settled through the National Securities Clearing Corporation's Mutual Fund Settlement, Entry, and Registration Verification (Fund/SERV) system, the terms of the Fund/SERV and Networking Agreement between the Company and American Century Services Corporation, an affiliate of Distributor, will apply and supersede the provisions set forth in this Section 1.3.
Appears in 10 contracts
Samples: Participation Agreement (SBL Variable Annuity Account Xiv), Participation Agreement (Variable Annuity Account A), Participation Agreement (SBL Variable Annuity Account Xiv)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information therefore) on any day the New York Stock Exchange is open for trading and on which the Fund a Portfolio calculates its net asset value pursuant to the rules of the SEC (a "Business Day") pursuant to the rules of the Securities and Exchange Commission (“SEC”), by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) Fund’s prospectus shall constitute receipt and acceptance by the Fund Portfolio on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day Business Day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 12:00 3:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 3 p.m. Eastern Time on the same Business Day that the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The , except that the Fund shall not bear any responsibility whatsoever for reserves the proper disbursement or crediting right to delay payment of redemption proceeds by to the Companyextent permitted under Section 22(e) of the 1940 Act and any rules thereunder, and in accordance with the Company alone shall be responsible for such action.
(d) procedures and policies of the Fund as described in the then-current prospectus. Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund ProspectusFund’s prospectus.
Appears in 9 contracts
Samples: Participation Agreement (Northern Lights Variable Trust), Participation Agreement (Variable Annuity Account A), Participation Agreement (Variable Annuity Account A)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an a limited agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information thereforetherefor) on any day the New York Stock Exchange is open for trading and on which the Fund a Designated Portfolio calculates its net asset value (a "Business Day") pursuant to the rules of the SEC Securities and Exchange Commission (a "Business DaySEC") by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus Fund's prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt and acceptance by the Fund Designated Portfolio on that same Business Day, provided that the Fund receives notice of such request by 9:30 8:30 a.m. Eastern Time on the next following Business Day. However, to facilitate the Designated Portfolios' daily trading practices, the Company shall provide the Fund with "estimated trade" and other information relating to the Designated Portfolios at certain times prior to the close of business on each Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 12:00 2:00 p.m. Eastern Time on the same Business Day day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios Portfolio in accordance with Section 1.3(b) of this Agreement), except that the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund ProspectusFund's prospectus.
Appears in 8 contracts
Samples: Participation Agreement (Conseco Variable Insurace Co Separate Account I), Participation Agreement (Conseco Variable Annuity Account F), Participation Agreement (Conseco Variable Annuity Account G)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information thereforetherefor) on any day the New York Stock Exchange is open for trading and on which the Fund a Designated Portfolio calculates its net asset value pursuant to the rules of the SEC (a "Business Day") pursuant to the rules of the Securities and Exchange Commission ("SEC"), by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) Fund's prospectus shall constitute receipt and acceptance by the Fund Designated Portfolio on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day Business Day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 12:00 2:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, or unless the Fund otherwise determines and Designated Portfolio Shares purchased thereby will be issued, as soon as practicable and so advises the Company shall promptlyto delay the date of payment, upon to the Fund's request, reimburse extent the Fund for any charges, costs, fees, interest or other expenses incurred by may do so under the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request1940 Act). Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 2 p.m. Eastern Time on the same Business Day that the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The , except that the Fund shall not bear any responsibility whatsoever for reserves the proper disbursement or crediting right to delay payment of redemption proceeds by to the Companyextent permitted under Section 22(e) of the 1940 Act and any rules thereunder, and in accordance with the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares held or to be held procedures and policies of the Fund as described in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectusthen-current prospectus.
Appears in 7 contracts
Samples: Participation Agreement (Variable Annuity Account A), Participation Agreement (SBL Variable Annuity Account Xiv), Participation Agreement (Variable Annuity Account B)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information thereforetherefor) on any day 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 (a "Business Day") by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 4:00 p.m. Eastern Time on the same Business Day day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement), except that the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, ; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 6 contracts
Samples: Participation Agreement (Western Southern Life Assurance Co Separate Account 1), Shareholder Services Agreement (JPF Variable Annuity Separate Account), Participation Agreement (Kilico Variable Separate Account/Il)
Purchase and Redemption Procedures. (a) The parties agree to place and settle trades for shares through the National Securities Clearing Corporation (“NSCC”). The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information therefore) on any day the New York Stock Exchange is open for trading and on which the Fund a Portfolio calculates its net asset value (a “Business Day”) pursuant to the rules of the SEC Securities and Exchange Commission (a "Business Day") “SEC”), by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) Fund’s prospectus shall constitute receipt and acceptance by the Fund Portfolio on that same Business Day. In the event that Company is unable to place and settle trades through the NSCC, provided Company will calculate and forward net orders so that the Fund receives notice of such request orders by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day Business Day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 12:00 3:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's ’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 3:00 p.m. Eastern Time on the same Business Day that the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The , except that the Fund shall not bear any responsibility whatsoever for reserves the proper disbursement or crediting right to delay payment of redemption proceeds by to the Companyextent permitted under Section 22(e) of the 1940 Act and any rules thereunder, and in accordance with the Company alone shall be responsible for such action.
(d) procedures and policies of the Fund as described in the then-current prospectus. Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's ’s general account shall be effected at the net asset value per share next determined after the Fund's ’s receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund ProspectusFund’s prospectus.
Appears in 5 contracts
Samples: Participation Agreement (Unified Series Trust), Participation Agreement (Unified Series Trust), Participation Agreement (Unified Series Trust)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information thereforetherefor) on any day 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 (a "Business Day") by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt and acceptance by the Fund on that same Business Day, provided that the Fund or its designated agent receives notice of such request by 9:30 9:00 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 4:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption which request may be net of Shares redemptions of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Accountshares). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant shares (which order shall be net of any purchase orders) except that the Fund reserves the right to Section 1.3(a) (unless redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds are to be applied to the purchase extent permitted under Section 22(e) of Shares of other Designated Portfolios the 1940 Act and any Rules thereunder, and in accordance with Section 1.3(b) the procedures and policies of this Agreementthe Fund as described in the then current prospectus and/or statement of additional information ("SAI"). The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, ; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
(e) The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company's assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a "Legally Required Redemption"), (iii) upon 45 days prior written notice to the Fund and the Underwriter, as permitted by an order of the SEC pursuant to Section 26(c) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with the terms of the Contracts, or (iv) as permitted under the terms of the Contracts. Upon request, the Company will promptly furnish to the Fund reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the Fund 45 days notice of its intention to do so.
Appears in 5 contracts
Samples: Participation Agreement (Phoenix Life & Annuity Variable Universal Life Account), Participation Agreement (Phlvic Variable Universal Life Account), Participation Agreement (Phoenix Life Variable Universal Life Account)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information thereforetherefor) on any day 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 (a "“Business Day"”) by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus Fund’s statutory prospectus, as such term is defined in Rule 498 under the 1933 Act (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt and acceptance by the Fund on that same Business Day, provided that the Fund or its designated agent receives notice of such request by 9:30 9:00 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 4:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption which request may be net of Shares redemptions of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Accountshares). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's ’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant shares (which order shall be net of any purchase orders) except that the Fund reserves the right to Section 1.3(a) (unless redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds are to be applied to the purchase extent permitted under Section 22(e) of Shares of other Designated Portfolios the 1940 Act and any Rules thereunder, and in accordance with Section 1.3(b) the procedures and policies of this Agreement)the Fund as described in the then current statutory prospectus and/or SAI. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, ; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's ’s general account shall be effected at the net asset value per share next determined after the Fund's ’s receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund’s statutory prospectus.
(e) The Company shall not redeem Fund Prospectusshares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a “Legally Required Redemption”), (iii) upon 45 days prior written notice to the Fund and the Underwriter, as permitted by an order of the SEC pursuant to Section 26(c) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with the terms of the Contracts, or (iv) as permitted under the terms of the Contracts. Upon request, the Company will promptly furnish to the Fund reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the Fund 45 days notice of its intention to do so.
Appears in 4 contracts
Samples: Participation Agreement (Pimco Variable Insurance Trust), Participation Agreement (PIMCO Equity Series VIT), Participation Agreement (Pimco Variable Insurance Trust)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information thereforetherefor) on any day the New York Stock Exchange is open for trading and on which the Fund a Designated Portfolio calculates its net asset value pursuant to the rules of the SEC (a "Business Day") pursuant to the rules of the Securities and Exchange Commission ("SEC"), by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) Fund's prospectus shall constitute receipt and acceptance by the Fund Designated Portfolio on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day. Requests received by the Company after the calculation of the Fund's net asset value as described from time to time in the Fund's prospectus on any given day shall be treated as if received on the following Business Day. The receipt and acceptances of any requests shall be made in accordance with Rule 22c-1 of the 1940 Act.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day Business Day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 12:00 3:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 3 p.m. Eastern Time on the same Business Day that the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The , except that the Fund shall not bear any responsibility whatsoever for reserves the proper disbursement or crediting right to delay payment of redemption proceeds by to the Companyextent permitted under Section 22(e) of the 1940 Act and any rules thereunder, and in accordance with the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares held or to be held procedures and policies of the Fund as described in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectusthen-current prospectus.
Appears in 4 contracts
Samples: Participation Agreement (Variable Annuity Account B), Participation Agreement (SBL Variable Annuity Account Xiv), Participation Agreement (SBL Variable Annuity Account Xiv)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information thereforetherefor) on any day 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 (a "Business Day") by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 9:00 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 4:00 p.m. Eastern Time on the same Business Day day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios Portfolio in accordance with Section 1.3(b) of this Agreement), except that the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 4 contracts
Samples: Participation Agreement (Separate Account Va 8 of Transamerica Life Ins & Annuity Co), Participation Agreement (Separate Account Vul 4 of Transamer Occidental Life Ins Co), Participation Agreement (Separate Account Vul 2 of Transamerica Occidental Life Ins)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information thereforetherefor) on any day the New York Stock Exchange is open for trading and on which the Fund a Designated Portfolio calculates its net asset value (a “Business Day”) pursuant to the rules of the SEC Securities and Exchange Commission (a "Business Day") “SEC”), by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) Fund’s prospectus shall constitute receipt and acceptance by the Fund Designated Portfolio on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day. Requests received by the Company after the calculation of the Fund’s net asset value as described from time to time in the Fund’s prospectus on any given day shall be treated as if received on the following Business Day. The receipt and acceptances of any requests shall be made in accordance with Rule 22c-1 of the 1940 Act.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day Business Day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 12:00 3:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's ’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 3 p.m. Eastern Time on the same Business Day that the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The , except that the Fund shall not bear any responsibility whatsoever for reserves the proper disbursement or crediting right to delay payment of redemption proceeds by to the Companyextent permitted under Section 22(e) of the 1940 Act and any rules thereunder, and in accordance with the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares held or to be held procedures and policies of the Fund as described in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectusthen-current prospectus.
Appears in 4 contracts
Samples: Participation Agreement (SBL Variable Annuity Account Xiv), Participation Agreement (Variable Annuity Account A), Participation Agreement (SBL Variable Annuity Account Xiv)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information therefore) on any day the New York Stock Exchange is open for trading and on which the Fund a Portfolio calculates its net asset value (a “Business Day”) pursuant to the rules of the SEC Securities and Exchange Commission (a "Business Day") “SEC”), by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) Fund’s prospectus shall constitute receipt and acceptance by the Fund Portfolio on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day Business Day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 12:00 3:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's ’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 3 p.m. Eastern Time on the same Business Day that the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The , except that the Fund shall not bear any responsibility whatsoever for reserves the proper disbursement or crediting right to delay payment of redemption proceeds by to the Companyextent permitted under Section 22(e) of the 1940 Act and any rules thereunder, and in accordance with the Company alone shall be responsible for such action.
(d) procedures and policies of the Fund as described in the then-current prospectus. Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's ’s general account shall be effected at the net asset value per share next determined after the Fund's ’s receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund ProspectusFund’s prospectus.
Appears in 4 contracts
Samples: Participation Agreement (SBL Variable Annuity Account Xiv), Participation Agreement (SBL Variable Annuity Account Xiv), Participation Agreement (Variable Annuity Account A)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares that may be held in the general account of the Company) for Shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information therefore) on any day 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 (a "“Business Day"”) by the Company as such limited agent of the Fund prior to the time that the Fund calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 10:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Designated Portfolio Shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's ’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same Business Day that the Fund is properly notified of the redemption order for such Shares pursuant to Section 1.3(a) (unless redemption proceeds are to be applied to the purchase of Shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares held or to be held in the Company's ’s general account shall be effected at the net asset value per share next determined after the Fund's ’s receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 4 contracts
Samples: Participation Agreement (Farm Bureau Life Annuity Account), Participation Agreement (Country Investors Variable Annuity Account), Participation Agreement (Farm Bureau Life Variable Account)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information therefore) on any day the New York Stock Exchange is open for trading and on which the Fund a Designated Portfolio calculates its net asset value pursuant to the rules of the SEC (a "Business Day") pursuant to the rules of the Securities and Exchange Commission ("SEC"), by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) Fund's prospectus shall constitute receipt and acceptance by the Fund Designated Portfolio on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day Business Day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 12:00 3:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 3 p.m. Eastern Time on the same Business Day that the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The , except that the Fund shall not bear any responsibility whatsoever for reserves the proper disbursement or crediting right to delay payment of redemption proceeds by to the Companyextent permitted under Section 22(e) of the 1940 Act and any rules thereunder, and in accordance with the Company alone shall be responsible for such action.
(d) procedures and policies of the Fund as described in the then-current prospectus. Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund ProspectusFund's prospectus.
Appears in 4 contracts
Samples: Participation Agreement (SBL Variable Annuity Account Xvii), Participation Agreement (Variable Annuity Account B), Participation Agreement (SBL Variable Annuity Account Xvii)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information therefore) on any day the New York Stock Exchange is open for trading and on which the Fund a Portfolio calculates its net asset value (a “Business Day”) pursuant to the rules of the SEC Securities and Exchange Commission (a "Business Day") “SEC”), by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) Fund’s prospectus shall constitute receipt and acceptance by the Fund Portfolio on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day Business Day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 12:00 3:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's ’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 3 p.m. Eastern Time on the same Business Day that the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The , except that the Fund shall not bear any responsibility whatsoever for reserves the proper disbursement or crediting right to delay payment of redemption proceeds by to the Companyextent permitted under Section 22(e) of the 1940 Act and any rules thereunder, and in accordance with the Company alone shall be responsible for such action.
(d) procedures and policies of the Fund as described in the then-current prospectus. Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's ’s general account shall be effected at the net asset value per share next determined after the Fund's ’s receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund ProspectusFund’s prospectus.
Appears in 3 contracts
Samples: Participation Agreement (SBL Variable Annuity Account Xiv), Participation Agreement (SBL Variable Annuity Account Xiv), Participation Agreement (SBL Variable Annuity Account Xiv)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information thereforetherefor) on any day 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 (a "“Business Day"”) by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus Fund’s statutory prospectus, as such term is defined in Rule 498 under the 1933 Act (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt and acceptance by the Fund on that same Business Day, provided that the Fund or its designated agent receives notice of such request by 9:30 9:00 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 4:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption which request may be net of Shares redemptions of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Accountshares). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's ’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant shares (which order shall be net of any purchase orders) except that the Fund reserves the right to Section 1.3(a) (unless redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds are to be applied to the purchase extent permitted under Section 22(e) of Shares of other Designated Portfolios the 1940 Act and any rules, regulations or orders thereunder, and in accordance with Section 1.3(b) the procedures and policies of this Agreement)the Fund as described in the then current statutory prospectus and/or SAI. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, ; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's ’s general account shall be effected at the net asset value per share next determined after the Fund's ’s receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund’s statutory prospectus.
(e) The Company shall not redeem Fund Prospectusshares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a “Legally Required Redemption”), (iii) upon 45 days prior written notice to the Fund and the Underwriter, as permitted by an order of the SEC pursuant to Section 26(c) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with the terms of the Contracts, or (iv) as permitted under the terms of the Contracts. Upon request, the Company will promptly furnish to the Fund reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the Fund 45 days notice of its intention to do so.
(f) Notwithstanding the foregoing, purchase or redemption requests for Designated Portfolio shares transmitted via the National Securities Clearing Corporation’s (“NSCC”) Fund/Serv System (“Fund/Serv”) may be processed at different times in accordance with NSCC rules, procedures or other requirements relating to Fund/Serv and the NSCC’s Networking System, as applicable.
Appears in 3 contracts
Samples: Participation Agreement (Premier Multi-Series VIT), Participation Agreement (Premier Multi-Series VIT), Participation Agreement (Premier Multi-Series VIT)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares that may be held in the general account of the Company) for Shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information thereforetherefor) on any day 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 (a "Business Day") by the Company as such limited agent of the Fund prior to the time that the Fund calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Designated Portfolio Shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 p.m. Eastern Time on the same Business Day day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person normally on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) (unless redemption proceeds are to be applied to the purchase of Shares of other Designated Portfolios Portfolio in accordance with Section 1.3(b) of this Agreement), except that the Fund reserves the right to redeem Designated Portfolio Shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 3 contracts
Samples: Participation Agreement (Sep Acct Va K Execannuity of Allmerica Fin Lfe Ins & Ann Co), Participation Agreement (Separate Acct Va K of First Allmerica Financial Life Ins Co), Participation Agreement (Separate Account Imo of Allmerica Fin Life Ins & Annuity Co)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information therefore) on any day the New York Stock Exchange is open for trading and on which the Fund a Portfolio calculates its net asset value (a “Business Day”) pursuant to the rules of the SEC Securities and Exchange Commission (a "Business Day") “SEC”), by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) Fund’s prospectus shall constitute receipt and acceptance by the Fund Portfolio on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day Business Day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 12:00 3:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's ’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 3:00 p.m. Eastern Time on the same Business Day that the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b1.4(b) of this Agreement). The , except that the Fund shall not bear any responsibility whatsoever for reserves the proper disbursement or crediting right to delay payment of redemption proceeds by to the Companyextent permitted under Section 22(e) of the 1940 Act and any rules thereunder, and in accordance with the Company alone shall be responsible for such action.
(d) procedures and policies of the Fund as described in the then-current prospectus. Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's ’s general account shall be effected at the net asset value per share next determined after the Fund's ’s receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund ProspectusFund’s prospectus.
Appears in 3 contracts
Samples: Participation Agreement (Variable Annuity Account A), Participation Agreement (SBL Variable Annuity Account Xiv), Participation Agreement (SBL Variable Annuity Account Xiv)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent designee of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information thereforetherefor) on any day 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 (a "“Business Day"”) by the Company as such limited agent designee of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day Business Day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 4:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's ’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person to be received by the Company by 4:00 p.m. Eastern Time on the same Business Day that day the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement), except that the Fund reserves the right to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, ; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 3 contracts
Samples: Participation Agreement (Ml of New York Variable Annuity Separate Account A), Participation Agreement (Ml of New York Variable Annuity Separate Account A), Participation Agreement (Merrill Lynch Life Variable Annuity Separate Account A)
Purchase and Redemption Procedures. (a) The Fund Distributor hereby appoints the Company as an agent of the Fund Funds for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios Funds made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information thereforetherefor) on any day the New York Stock Exchange is open for trading and on which the a Designated Fund calculates its net asset value pursuant to the rules of the SEC (a "Business Day") pursuant to the rules of the Securities and Exchange Commission ("SEC"), by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) Fund's prospectus shall constitute receipt and acceptance by the Designated Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio Fund on the same day Business Day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares Fund shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 12:00 3:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) Fund shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios Funds effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares Fund shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio Fund transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares Fund shares redeemed by the Account or the Company normally shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person person. The Funds shall use reasonable efforts to wire such funds by 3 p.m. Eastern Time on the same Business Day that the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios Funds in accordance with Section 1.3(bl.3(b) of this Agreement). The , except that the Fund shall not bear any responsibility whatsoever for reserves the proper disbursement or crediting right to delay payment of redemption proceeds by to the Companyextent permitted under Section 22(e) of the 1940 Act and any rules thereunder, and in accordance with the Company alone shall be responsible for such actionprocedures and policies of the Fund as described in the then-current prospectus.
(d) Any purchase or redemption request for Designated Portfolio Shares Fund shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund's prospectus.
(e) If transactions in Fund Prospectusshares are to be settled through the National Securities Clearing Corporation's Mutual Fund Settlement, Entry, and Registration Verification (Fund/SERV) system, the terms of the Fund/SERV and Networking Agreement between the Company and American Century Services Corporation, an affiliate of Distributor, will apply and supersede the provisions set forth in this Section 1.3.
Appears in 3 contracts
Samples: Participation Agreement (Variflex), Participation Agreement (Variflex), Participation Agreement (Variflex)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information thereforetherefor) on any day the New York Stock Exchange is open for trading and on which the Fund calculates its it net asset value pursuant to the rules of the SEC (a "Business Day") by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 10:00 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a net purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 4:00 p.m. Eastern Time on the same Business Day day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios Portfolio in accordance with Section 1.3(b) of this Agreement). The , except that the Fund shall not bear any responsibility whatsoever for reserves the proper disbursement or crediting right to delay payment of redemption proceeds by in accordance with the Companyprocedures and policies of the Fund as described in the then current prospectus; provided however, that the Fund will provide payment within five days of the order to enable the Company alone shall be responsible for such action.to pay redemption proceeds within the time specified in Section 22(e) of the 1940 Act..
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 3 contracts
Samples: Participation Agreement (Country Investors Variable Life Account), Participation Agreement (Country Investors Variable Annunity Account), Participation Agreement (Country Investors Variable Annunity Account)
Purchase and Redemption Procedures. (a) The Fund Trust hereby appoints the Company as an agent of the Fund Trust for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares Trust shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information thereforetherefor) on any day the New York Stock Exchange is open for trading and on which the Fund a Designated Portfolio calculates its net asset value pursuant to the rules of the SEC (a "Business Day") pursuant to the rules of the Securities and Exchange Commission ("SEC"), by the Company as such limited agent of the Fund Trust prior to the time that the Fund Trust ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) Trust's prospectus shall constitute receipt and acceptance by the Fund Designated Portfolio on that same Business Day, provided that the Fund Trust receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day Business Day that it notifies the Fund Trust of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund Trust or other designated person by wire to be received by the Fund by 12:00 3:00 p.m. Eastern Time on the same Business Day the Fund Trust is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund Trust determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Trust otherwise determines and so advises the Company to delay the date of payment, to the extent the Trust may do so under the 1940 Act). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the FundTrust's request, reimburse the Fund Trust for any charges, costs, fees, interest or other expenses incurred by the Fund Trust in connection with any advances to, or borrowing or overdrafts by, the FundTrust, or any similar expenses incurred by the FundTrust, as a result of portfolio transactions effected by the Fund Trust based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the FundTrust.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made by the Trust in federal funds transmitted by wire to the Company or any other designated person by 3 p.m. Eastern Time on the same Business Day that the Fund Trust is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The Fund shall not bear any responsibility whatsoever for , except that the proper disbursement or crediting Trust reserves the right to delay payment of redemption proceeds by to the Companyextent permitted under Section 22(e) of the 1940 Act and any rules thereunder, and in accordance with the Company alone shall be responsible for such actionprocedures and policies of the Trust as described in the then-current prospectus.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the FundTrust's receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund Shares Trust shares so requested is received by the Fund Trust in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund ProspectusTrust's prospectus.
(e) All purchase or redemption requests shall be in accordance with the terms of the Trust's prospectus.
Appears in 3 contracts
Samples: Participation Agreement (SBL Variable Annuity Account Xiv), Participation Agreement (SBL Variable Annuity Account Xiv), Participation Agreement (SBL Variable Annuity Account Xiv)
Purchase and Redemption Procedures. (a) In the event that the parties’ trades are placed through the National Securities Clearing Corporation (“NSCC”), the parties agree to abide by the rules and procedures of the NSCC (collectively, the “NSCC Terms”). If the NSCC Terms conflict with the terms of this Section 1.3, such NSCC Terms shall prevail. In the event that the parties’ trades are not placed through the NSCC, the terms of subsections (b) through (f) of this Section 1.3 shall govern such trades.
(b) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information therefore) that is in good order on any day the New York Stock Exchange is open for trading and on which the Fund relevant Designated Portfolio calculates its net asset value (a “Business Day”) pursuant to the rules of the SEC (a "Business Day") SEC, by the Company as such limited agent of the Fund prior to the time that the Fund Designated Portfolio ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) Fund’s prospectus shall constitute receipt and acceptance by the Fund Designated Portfolio on that same Business Day, provided that the Fund receives notice of such request by 9:30 9:00 a.m. Eastern Time on the next following Business Day.
(bc) The Company shall pay for Shares shares of each Designated Portfolio on the same day Business Day that it notifies the Fund of a purchase request for such Sharesshares. Payment for purchased Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 12:00 4:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's ’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(cd) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 5 p.m. Eastern Time on the same Business Day that the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement), except that the Fund reserves the right to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then-current prospectus and/or statement of additional information. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, ; the Company alone shall be responsible for such action.
(de) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's ’s general account shall be effected at the net asset value per share next determined after the Fund's ’s receipt and acceptance of such requestrequest in good order, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business on the applicable Business Day for determination of such value, as defined from time to time in the Fund’s prospectus (the “Valuation Time”).
(f) The Company shall not redeem shares of the Designated Portfolios attributable to the Contracts (as opposed to shares of the Designated Portfolios attributable to the Company’s assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a “Legally Required Redemption”), (iii) as permitted by an order of the SEC pursuant to Section 26(c) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with the terms of the Contracts, or (iv) as otherwise permitted under the terms of the Contracts. Upon request, the Company will promptly furnish to the Fund Prospectusreasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the Fund 45 days notice of its intention to do so.
Appears in 3 contracts
Samples: Participation Agreement (Virtus Variable Insurance Trust), Participation Agreement (Virtus Variable Insurance Trust), Participation Agreement (SBL Variable Annuity Account Xiv)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information thereforetherefor) on any day the New York Stock Exchange is and Chicago Mercantile Exchange are open for trading and on which the Fund a Designate Portfolio calculates its net asset value (a "Business Day") pursuant to the rules of the SEC Securities and Exchange Commission (a "Business DaySEC") by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus Fund's prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt and acceptance by the Fund Designated Portfolio on that same Business Day, provided that the Fund receives notice of such request by 9:30 8:30 a.m. Eastern Time on the next following Business Day. However, to facilitate the Designated Portfolios' daily trading practices, the Company shall provide the Fund with "estimated trade" and other information relating to the Designated Portfolios at certain times prior to the close of business on each Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 12:00 2:00 p.m. Eastern Time on the same Business Day day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios Portfolio in accordance with Section 1.3(b) of this Agreement), except that the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund ProspectusFund's prospectus.
Appears in 3 contracts
Samples: Participation Agreement (Separate Account B of Golden American Life Insurance Co), Participation Agreement (Canada Life of America Variable Annuity Account 1), Participation Agreement (Separate Account Ny-B of First Golden Amer Life Ins Co of Ny)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information thereforetherefor) on any day 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 (a "“Business Day"”) by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt and acceptance by the Fund on that same Business Day, provided that the Fund or its designated agent receives notice of such request by 9:30 9:00 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 4:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption which request may be net of Shares redemptions of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Accountshares). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's ’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant shares (which order shall be net of any purchase orders) except that the Fund reserves the right to Section 1.3(a) (unless redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds are to be applied to the purchase extent permitted under Section 22(e) of Shares of other Designated Portfolios the 1940 Act and any Rules thereunder, and in accordance with Section 1.3(b) the procedures and policies of this Agreementthe Fund as described in the then current prospectus and/or statement of additional information (“SAI”). The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, ; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's ’s general account shall be effected at the net asset value per share next determined after the Fund's ’s receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
(e) The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a “Legally Required Redemption”), (iii) upon 45 days prior written notice to the Fund and the Underwriter, as permitted by an order of the SEC pursuant to Section 26(c) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with the terms of the Contracts, or (iv) as permitted under the terms of the Contracts. Upon request, the Company will promptly furnish to the Fund reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the Fund 45 days notice of its intention to do so.
Appears in 3 contracts
Samples: Participation Agreement (PHL Variable Accumulation Account), Participation Agreement (C M Multi Account A), Participation Agreement (Tiaa-Cref Life Separate Account Vli-1)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares that may be held in the general account of the Company) for Shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information therefore) on any day 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 (a "Business Day") by the Company as such limited agent of the Fund prior to the time that the Fund calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Designated Portfolio Shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 2:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same Business Day that the Fund is properly notified of the redemption order for such Shares pursuant to Section 1.3(a) (unless redemption proceeds are to be applied to the purchase of Shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 2 contracts
Samples: Participation Agreement (Riversource of New York Variable Annuity Account), Participation Agreement (Riversource Variable Account 10)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information thereforetherefor) on any day 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 (a "“Business Day"”) by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 9:00 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 4:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's ’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person by 2 p.m. on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement), except that the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, ; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's ’s general account shall be effected at the net asset value per share next determined after the Fund's ’s receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 2 contracts
Samples: Participation Agreement (Pimco Variable Insurance Trust), Participation Agreement (John Hancock Life Insurance Co (Usa) Separate Account A)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information thereforetherefor) on any day 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 (a "“Business Day"”) by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 9:00 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 1:00 p.m. Eastern Time on the same Business Day day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on timeby the Fund by 4:00 p.m. Eastern Time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's ’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request, unless the Company provides proof of transmission by the deadline. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other person designated person by the Company on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement), except that the Fund reserves the right to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, ; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's ’s general account shall be effected at the net asset value per share next determined after the Fund's ’s receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 2 contracts
Samples: Participation Agreement (Prudential Variable Contract Account Gi-2), Participation Agreement (Prudential Variable Contract Account Gi-2)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information thereforetherefor) on any day 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 (a "Business Day") by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt and acceptance by the Fund on that same Business Day, provided that the Fund or its designated agent receives notice of such request by 9:30 9:00 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 4:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption which request may be net of Shares redemptions of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Accountshares). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant shares (which order shall be net of any purchase orders) except that the Fund reserves the right to Section 1.3(a) (unless redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds are to be applied to the purchase extent permitted under Section 22(e) of Shares of other Designated Portfolios the 1940 Act and any Rules thereunder, and in accordance with Section 1.3(b) the procedures and policies of this Agreement)the Fund as described in the then current prospectus and/or SAI. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, ; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a net purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
(e) The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company's assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a "Legally Required Redemption"), (iii) upon 30 days prior written notice to the Fund and the Underwriter, as permitted by an order of the SEC pursuant to Section 26(c) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with the terms of the Contracts, or (iv) as permitted under the terms of the Contracts. Upon request, the Company will promptly furnish to the Fund reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the Fund 30 days notice of its intention to do so.
Appears in 2 contracts
Samples: Participation Agreement (Separate Account I of National Integrity Life Ins Co), Participation Agreement (Separate Account I of Integrity Life Insurance Co)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information therefore) on any day the New York Stock Exchange is open for trading and on which the Fund a Designated Portfolio calculates its net asset value pursuant to the rules of the SEC (a "Business Day") pursuant to the rules of the Securities and Exchange Commission (“SEC”), by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) Fund’s prospectus shall constitute receipt and acceptance by the Fund Designated Portfolio on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day Business Day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 12:00 3:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 3 p.m. Eastern Time on the same Business Day that the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The , except that the Fund shall not bear any responsibility whatsoever for reserves the proper disbursement or crediting right to delay payment of redemption proceeds by to the Companyextent permitted under Section 22(e) of the 1940 Act and any rules thereunder, and in accordance with the Company alone shall be responsible for such action.
(d) procedures and policies of the Fund as described in the then-current prospectus. Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund ProspectusFund’s prospectus.
Appears in 2 contracts
Samples: Participation Agreement (Northern Lights Variable Trust), Participation Agreement (Northern Lights Variable Trust)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information thereforetherefor) on any day the New York Stock Exchange is open for trading and on which the Fund a Designated Portfolio calculates its net asset value pursuant to the rules of the SEC (a "Business Day") pursuant to the rules of the Securities and Exchange Commission ("SEC"), by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) Fund's prospectus shall constitute receipt and acceptance by the Fund Designated Portfolio on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day Business Day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 12:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person on the same Business Day that the Fund is properly notified of the redemption order for such Shares pursuant to Section 1.3(a) (unless redemption proceeds are to be applied to the purchase of Shares of other Designated Portfolios in a timely manner in accordance with Section 1.3(b22(e) of this Agreement)the 1940 Act and any rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then-current prospectus. The Fund shall not bear If Company's order requests the redemption of any responsibility whatsoever for the proper disbursement shares of a Designated Portfolio valued at or crediting of redemption proceeds by the Companygreater than $1 million, the Fund will wire such amount to Company alone shall be responsible for such actionwithin seven days of the order.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund ProspectusFund's prospectus.
(e) Company will make reasonable efforts to notify each applicable Designated Portfolio in advance of any purchase or redemption order greater than $1million.
Appears in 2 contracts
Samples: Participation Agreement (SBL Variable Annuity Account Xiv), Participation Agreement (SBL Variable Annuity Account Xiv)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information thereforetherefor) on any day 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 (a "Business Day") by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt and acceptance by the Fund on that same Business Day, provided that the Fund or its designated agent receives notice of such request by 9:30 9:00 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 4:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption which request may be net of Shares redemptions of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Accountshares). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant shares (which order shall be net of any purchase orders) except that the Fund reserves the right to Section 1.3(a) (unless redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds are to be applied to the purchase extent permitted under Section 22(e) of Shares of other Designated Portfolios the 1940 Act and any Rules thereunder, and in accordance with Section 1.3(b) the procedures and policies of this Agreement)the Fund as described in the then current prospectus and/or SAI. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, ; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
(e) The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company's assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a "Legally Required Redemption"), (iii) upon 45 days prior written notice to the Fund and the Underwriter, as permitted by an order of the SEC pursuant to Section 26(c) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with the terms of the Contracts, or (iv) as permitted under the terms of the Contracts. Upon request, the Company will promptly furnish to the Fund reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the Fund 45 days notice of its intention to do so.
Appears in 2 contracts
Samples: Participation Agreement (Fidelity Investments Variable Annuity Account I), Participation Agreement (Empire Fidelity Investments Variable Annuity Account A)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information thereforetherefor) on any day 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 (a "“Business Day"”) by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus Fund’s statutory prospectus, as such term is defined in Rule 498 under the 1933 Act (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt and acceptance by the Fund on that same Business Day, provided that the Fund or its designated agent receives notice of such request by 9:30 9:00 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 4:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption which request may be net of Shares redemptions of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Accountshares). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's ’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant shares (which order shall be net of any purchase orders) except that the Fund reserves the right to Section 1.3(a) (unless redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds are to be applied to the purchase extent permitted under Section 22(e) of Shares of other Designated Portfolios the 1940 Act and any rules, regulations or orders thereunder, and in accordance with Section 1.3(b) the procedures and policies of this Agreement)the Fund as described in the then current statutory prospectus and/or SAI. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, ; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's ’s general account shall be effected at the net asset value per share next determined after the Fund's ’s receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund’s statutory prospectus. 40897012_8
(e) The Company shall not redeem Fund Prospectusshares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a “Legally Required Redemption”), (iii) upon 45 days prior written notice to the Fund and the Underwriter, as permitted by an order of the SEC pursuant to Section 26(c) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with the terms of the Contracts, or (iv) as permitted under the terms of the Contracts. Upon request, the Company will promptly furnish to the Fund reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the Fund 45 days notice of its intention to do so.
(f) Notwithstanding the foregoing, purchase or redemption requests for Designated Portfolio shares transmitted via the National Securities Clearing Corporation’s (“NSCC”) Fund/Serv System (“Fund/Serv”) may be processed at different times in accordance with NSCC rules, procedures or other requirements relating to Fund/Serv and the NSCC’s Networking System, as applicable.
Appears in 2 contracts
Samples: Participation Agreement (Allianz Life Variable Account B), Participation Agreement (Allianz Life Variable Account B)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information thereforetherefor) on any day 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 (a "Business Day") by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Company uses its best efforts to provide the Fund receives with notice of such request by 9:30 9:00 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 no later than 2:00 p.m. Eastern Time on the same Business Day day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received transmitted on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt delivery of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, ; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 2 contracts
Samples: Participation Agreement (Metlife of Ct Fund Ul Iii for Variable Life Insurance), Participation Agreement (Citicorp Life Variable Annuity Separate Account)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information thereforetherefor) on any day the New York Stock Exchange is open for trading and on which the Fund a Designated Portfolio calculates its net asset value pursuant to the rules of the SEC (a "Business Day") pursuant to the rules of the Securities and Exchange Commission ("SEC"), by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) Fund's prospectus shall constitute receipt and acceptance by the Fund Designated Portfolio on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day Business Day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 12:00 3:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 3 p.m. Eastern Time on the same Business Day that the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The , except that the Fund shall not bear any responsibility whatsoever for reserves the proper disbursement or crediting right to delay payment of redemption proceeds by to the Companyextent permitted under Section 22(e) of the 1940 Act and any rules thereunder, and in accordance with the Company alone shall be responsible for such actionprocedures and policies of the Fund as described in the then-current prospectus.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund ProspectusFund's prospectus.
Appears in 2 contracts
Samples: Participation Agreement (SBL Variable Annuity Account Xiv), Participation Agreement (SBL Variable Annuity Account Xiv)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares that may be held in the general account of the Company) for Shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information therefore) on any day 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 (a "Business Day") by the Company as such limited agent of the Fund prior to the time that the Fund calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Designated Portfolio Shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 3:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person by 3:00 p.m. Eastern Time on the same Business Day that the Fund is properly notified of the redemption order for such Shares pursuant to Section 1.3(a) (unless redemption proceeds are to be applied to the purchase of Shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 2 contracts
Samples: Participation Agreement (SBL Variable Annuity Account Xiv), Participation Agreement (Variable Annuity Account A)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent designee of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information thereforetherefor) on any day 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 (a "Business Day") by the Company as such limited agent designee of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day Business Day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 4:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person to be received by the Company by 4:00 p.m. Eastern Time on the same Business Day that day the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement), except that the Fund reserves the right to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, ; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 2 contracts
Samples: Participation Agreement (Ml of New York Variable Annuity Separate Account A), Participation Agreement (Merrill Lynch Life Variable Annuity Separate Account A)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information thereforetherefor) on any day the New York Stock Exchange is open for trading and on which the Fund a Designated Portfolio calculates its net asset value pursuant to the rules of the SEC (a "Business Day") by the Company as such limited agent of the Fund prior to the time that the Fund Designated Portfolio ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) Fund's prospectus, shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 p.m. noon, Eastern Time Time, on the same Business Day day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement), except that the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 2 contracts
Samples: Fund Participation Agreement (Allstate Life of New York Separate Account A), Participation Agreement (Variable Insurance Funds)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information thereforetherefor) on any day 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 (a "Business Day") by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 9:00 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 4:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person by 4 p.m. Eastern Time on the same Business Day that the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement), except that the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash (as limited in accordance with Rule 18f-1 under the 0000 Xxx) and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, ; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 2 contracts
Samples: Participation Agreement (SBL Variable Annuity Account Xi), Participation Agreement (SBL Variable Annuity Account Xiv)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares that may be held in the general account of the Company) for Shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information therefore) on any day 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 (a "“Business Day"”) by the Company as such limited agent of the Fund prior to the time that the Fund calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 10:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Designated Portfolio Shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's ’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same Business Day that the Fund is properly notified of the redemption order for such Shares pursuant to Section 1.3(a) (unless redemption proceeds are to be applied to the purchase of Shares of other Designated Portfolios in accordance with Section 1.3(bSection
1. 3(b) of this Agreement). The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares held or to be held in the Company's ’s general account shall be effected at the net asset value per share next determined after the Fund's ’s receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 2 contracts
Samples: Participation Agreement (Country Investors Variable Annuity Account), Participation Agreement (Country Investors Variable Life Account)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information thereforetherefor) on any day 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 (a "“Business Day"”) by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 9:00 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 4:00 p.m. Eastern Time on the same Business Day day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's ’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement), except that the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, ; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's ’s general account shall be effected at the net asset value per share next determined after the Fund's ’s receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 2 contracts
Samples: Participation Agreement (ALAC Separate Account 1), Participation Agreement (Metlife Investors Variable Annuity Account Five)
Purchase and Redemption Procedures. (a) The Fund Trust hereby appoints the Company as an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information thereforetherefor) on any day the New York Stock Exchange is open for trading and on which the Fund a Designated Portfolio calculates its net asset value (a “Business Day”) pursuant to the rules of the SEC Securities and Exchange Commission (a "Business Day") “SEC”), by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) Fund’s prospectus shall constitute receipt and acceptance by the Fund Designated Portfolio on that same Business Day, provided that the Fund receives notice of such request by 9:30 8:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day Business Day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 12:00 3:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's ’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio Fund transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 3 p.m. Eastern Time on the same Business Day that the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The , except that the Fund shall not bear any responsibility whatsoever for reserves the proper disbursement or crediting right to delay payment of redemption proceeds by to the Companyextent permitted under Section 22(e) of the 1940 Act and any rules thereunder, and in accordance with the Company alone shall be responsible for such actionprocedures and policies of the Fund as described in the then-current prospectus.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's ’s general account shall be effected at the net asset value per share next determined after the Fund's ’s receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund ProspectusFund’s prospectus.
Appears in 2 contracts
Samples: Participation Agreement (SBL Variable Annuity Account Xiv), Participation Agreement (SBL Variable Annuity Account Xiv)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information therefore) on any day the New York Stock Exchange is open for trading and on which the Fund a Portfolio calculates its net asset value (a “Business Day”) pursuant to the rules of the SEC Securities and Exchange Commission (a "Business Day") “SEC”), by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) Fund’s prospectus shall constitute receipt and acceptance by the Fund Portfolio on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day Business Day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 12:00 3:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's ’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 3:00 p.m. Eastern Time on the same Business Day that the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The , except that the Fund shall not bear any responsibility whatsoever for reserves the proper disbursement or crediting right to delay payment of redemption proceeds by to the Companyextent permitted under Section 22(e) of the 1940 Act and any rules thereunder, and in accordance with the Company alone shall be responsible for such action.
(d) procedures and policies of the Fund as described in the then-current prospectus. Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's ’s general account shall be effected at the net asset value per share next determined after the Fund's ’s receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund ProspectusFund’s prospectus.
Appears in 2 contracts
Samples: Participation Agreement (SBL Variable Annuity Account Xiv), Participation Agreement (Variable Annuity Account A)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares that may be held in the general account of the Company) for Shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information therefore) on any day 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 (a "“Business Day"”) by the Company as such limited agent of the Fund prior to the time that the Fund calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 10:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Designated Portfolio Shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's ’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same Business Day that the Fund is properly notified of the redemption order for such Shares pursuant to Section 1.3(a) (unless redemption proceeds are to be applied to the purchase of Shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, the Company alone shall “be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares held or to be held in the Company's ’s general account shall be effected at the net asset value per share next determined after the Fund's ’s receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 2 contracts
Samples: Participation Agreement (Equitrust Life Variable Account), Participation Agreement (Equitrust Life Annuity Account)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares that may be held in the general account of the Company) for Shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information therefore) on any day 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 (a "Business Day") by the Company as such limited agent of the Fund prior to the time that the Fund calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice notice, via Fax, of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Designated Portfolio Shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 4:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same Business Day that the Fund is properly notified of the redemption order for such Shares pursuant to Section 1.3(a) (unless redemption proceeds are to be applied to the purchase of Shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 2 contracts
Samples: Participation Agreement (SEPARATE ACCOUNT B OF VOYA INSURANCE & ANNUITY Co), Participation Agreement (SEPARATE ACCOUNT B OF VOYA INSURANCE & ANNUITY Co)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information thereforetherefor) on any day 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 (a "Business Day") by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business DayDay ("Trade Date"), provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) Any purchase request for Designated Portfolio shares shall be effected at the net asset value per share determined on Trade Date. The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 4:00 p.m. Eastern Time on the same Business Day day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Any redemption request for Designated Portfolio Shares requested shares shall be effected at the net asset value per share determined on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the FundTrade Date. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, ; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 2 contracts
Samples: Participation Agreement (Variable Account Ii Aig Life Insurance Co), Participation Agreement (Variable Account B American Intl Life Assur Co of New York)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information thereforetherefor) on any day the New York Stock Exchange is open for trading and on which the Fund a Designated Portfolio calculates its net asset value pursuant to the rules of the SEC (a "Business Day") pursuant to the rules of the Securities and Exchange Commission (“SEC”), by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) Fund’s prospectus shall constitute receipt and acceptance by the Fund Designated Portfolio on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day Business Day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 12:00 2:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, or unless the Fund otherwise determines and Designated Portfolio Shares purchased thereby will be issued, as soon as practicable and so advises the Company shall promptlyto delay the date of payment, upon to the Fund's request, reimburse extent the Fund for any charges, costs, fees, interest or other expenses incurred by may do so under the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request1940 Act). Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 2 p.m. Eastern Time on the same Business Day that the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The , except that the Fund shall not bear any responsibility whatsoever for reserves the proper disbursement or crediting right to delay payment of redemption proceeds by to the Companyextent permitted under Section 22(e) of the 1940 Act and any rules thereunder, and in accordance with the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares held or to be held procedures and policies of the Fund as described in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectusthen-current prospectus.
Appears in 2 contracts
Samples: Participation Agreement (SBL Variable Annuity Account Xiv), Participation Agreement (Variable Annuity Account A)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares that may be held in the general account of the Company) for Shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information therefore) on any day 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 (a "Business Day") by the Company as such limited agent of the Fund prior to the time that the Fund calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. 4:00p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. 9:30a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Designated Portfolio Shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same Business Day that the Fund is properly notified of the redemption order for such Shares pursuant to Section 1.3(a) (unless redemption proceeds are to be applied to the purchase of Shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 2 contracts
Samples: Participation Agreement (Principal Life Insurance Co Separate Account B), Participation Agreement (Principal Life Insurance Co Separate Account B)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information thereforetherefor) on any day the New York Stock Exchange is open for trading and on which the Fund a Designated Portfolio calculates its net asset value pursuant to the rules of the SEC (a "Business Day") pursuant to the rules of the Securities and Exchange Commission ("SEC"), by the Company as such limited agent of the Fund prior to the time that as of which the Fund calculates its net asset value for that day as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) Fund's prospectus shall constitute receipt and acceptance by the Fund Designated Portfolio on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day Business Day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 12:00 3:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 3 p.m. Eastern Time on the same Business Day that the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The , except that the Fund shall not bear any responsibility whatsoever for reserves the proper disbursement or crediting right to delay payment of redemption proceeds by to the Companyextent permitted under Section 22(e) of the 1940 Act and any rules thereunder, and in accordance with the Company alone shall be responsible for such actionprocedures and policies of the Fund as described in the then-current prospectus.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund ProspectusFund's prospectus.
Appears in 2 contracts
Samples: Participation Agreement (SBL Variable Annuity Account Xiv), Participation Agreement (SBL Variable Annuity Account Xiv)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent a. Receipt and acceptance of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares that may be held in the general account of the Company) for Shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request Orders (or relevant transactional information thereforetherefor) by Company from a holder of a variable life insurance and/or variable annuity contract on any day the New York Stock Exchange applicable Portfolio is open for trading business and on which the Fund applicable Portfolio calculates its net asset value pursuant to the rules of the SEC Securities and Exchange Commission (“SEC”) (a "“Business Day"”) by the Company as such limited agent of the Fund prior to the time that the Fund such Portfolio ordinarily calculates its net asset value as described from time to time in the Fund such Portfolio’s Prospectus (which as of the date of execution of this Agreement is normally 4:00 p.m. Eastern TimeTime each Business Day) shall constitute receipt and acceptance by the Fund such Portfolio on that same Business Day, provided that the Fund such Portfolio or its designated agent receives notice of such request Order by 9:30 Intermediary by 9:00 a.m. Eastern Time on the next following Business Day.
(b) The Company i. Intermediary shall pay arrange for payment of Shares of each Designated Portfolio on the same day that it notifies the Fund applicable Portfolio of a purchase request for such Shares. Payment for Designated Portfolio Shares shall be made in federal funds transmitted to the Fund applicable Portfolio by wire to be received by such Portfolio by the Fund by 12:00 p.m. Eastern Time Portfolio’s net asset value calculation time on the same Business Day the Fund such Portfolio is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account)Shares. If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares purchased thereby will be issued, as soon as practicable and the Company Intermediary shall promptly, upon the Fund's applicable Portfolio’s or Distributor’s request, reimburse the Fund such Portfolio for any charges, costs, fees, interest or other expenses incurred by the Fund such Portfolio in connection with any advances to, or borrowing or overdrafts by, the Fundsuch Portfolio, or any similar expenses incurred by the Fundsuch Portfolio, as a result of portfolio transactions effected by the Fund such Portfolio based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio ii. Payment for Shares requested redeemed by or on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares redeemed by the relevant Account or the Company normally shall be made in federal funds transmitted by wire to the Company Account or any other designated person as instructed by Intermediary (in accordance with its arrangement with the Company) on the same Business Day that after the Fund applicable Portfolio is properly notified of the redemption order for of such Shares pursuant except that each Portfolio reserves the right to Section 1.3(a) (unless redeem Shares in assets other than cash and to delay payment of redemption proceeds are to be applied to the purchase extent permitted under Section 22(e) of Shares the Investment Company Act of other Designated Portfolios 1940 (“1940 Act”) and any rules thereunder, and in accordance with Section 1.3(b) the procedures and policies of this Agreement). The Fund shall not bear any responsibility whatsoever for such Portfolio as described in the proper disbursement or crediting of redemption proceeds by the Company, the Company alone shall be responsible for such actionProspectus.
(d) Any purchase b. The applicable Trust or redemption request for Designated Portfolio Shares held or its designated agent shall use its best efforts to be held in the Company's general account shall be effected at make the net asset value per share next determined for each Portfolio available to the applicable Company after receipt of an Order by Intermediary by 7:00 p.m. Eastern Time each Business Day, and in any event, as soon as reasonably practicable after the Fund's net asset value per share for such Portfolio is calculated, and shall calculate such net asset value in accordance with such Portfolio’s Prospectus. Neither the Trusts, any Portfolio, the Distributor, nor any of their affiliates shall be liable for any information provided to Intermediary pursuant to this Agreement which information is based on incorrect information supplied by Intermediary or Company. Furthermore, neither the Trusts, any Portfolio, the Distributor nor any of their affiliates shall be liable for any losses that arise out of fulfilling Orders or other instructions received from Intermediary that were based on incorrect information or duplicative Orders supplied by Intermediary or Company. For the avoidance of doubt, Intermediary will be responsible for reimbursing the Trusts, any Portfolio, the Distributor and any of their affiliates for such losses.
c. Intermediary shall use its best efforts to provide Distributor with Orders promptly after receipt of such request, provided Orders from Company and in no case shall Intermediary provide Distributor with Orders later than 9:00 a.m. Eastern Time the Business Day after the Intermediary receives such Orders.
d. Intermediary acknowledges that, in the case : (i) all Orders are subject to acceptance and confirmation thereof by Distributor (or its delegate) on behalf of a purchase request, payment Portfolio and (ii) a Portfolio and/or Distributor reserves the right to reject any Order for Fund Shares so requested any or no reason.
e. The parties hereto acknowledge that the arrangement contemplated by this Agreement is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectusnot exclusive.
Appears in 2 contracts
Samples: Sales Agreement (Pimco Variable Insurance Trust), Sales Agreement (PIMCO Equity Series VIT)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund Portfolio for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares Portfolio shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information therefore) on any day the New York Stock Exchange is open for trading and on which the Fund a Portfolio calculates its net asset value (a “Business Day”) pursuant to the rules of the SEC Securities and Exchange Commission (a "Business Day") “SEC”), by the Company as such limited agent of the Fund Portfolio prior to the time that the Fund Portfolio ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) Portfolio’s prospectus shall constitute receipt and acceptance by the Fund Portfolio on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day Business Day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 12:00 3:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund otherwise determines and so advises the Company that sufficient proceeds are available from redemption to delay the date of Shares of other Designated Portfolios effected pursuant payment, to redemption requests tendered by the Company on behalf of extent the AccountFund may do so under the 1940 Act). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's ’s request, reimburse the Fund Portfolio for any charges, costs, fees, interest or other expenses incurred by the Fund Portfolio in connection with any advances to, or borrowing or overdrafts by, the FundPortfolio, or any similar expenses incurred by the FundPortfolio, as a result of portfolio transactions effected by the Fund Portfolio based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the FundPortfolio.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 3:00 p.m. Eastern Time on the same Business Day that the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The , except that the Fund shall not bear any responsibility whatsoever for reserves the proper disbursement or crediting right to delay payment of redemption proceeds by to the Companyextent permitted under Section 22(e) of the 1940 Act and any rules thereunder, and in accordance with the Company alone shall be responsible for such action.
(d) procedures and policies of the Fund as described in the then-current prospectus. Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's ’s general account shall be effected at the net asset value per share next determined after the Fund's ’s receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund ProspectusFund’s prospectus.
Appears in 2 contracts
Samples: Participation Agreement (SBL Variable Annuity Account Xiv), Participation Agreement (Variable Annuity Account A)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information thereforetherefor) on any day 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 (a "Business Day") by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 9:00 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 3:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person by 3 p.m. Eastern Time on the same Business Day that the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement), except that the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash (as limited in accordance with Rule 18f-1 under the 1940 Act) and to delay paymenx xx xxxemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, ; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 2 contracts
Samples: Participation Agreement (Variable Annuity Account B), Participation Agreement (Variable Annuity Account B)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares that may be held in the general account of the Company) for Shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information therefore) on any day 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 (a "Business Day") by the Company as such limited agent of the Fund prior to the time that the Fund calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Designated Portfolio Shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 3:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same Business Day that the Fund is properly notified of the redemption order for such Shares pursuant to Section 1.3(a) (unless redemption proceeds are to be applied to the purchase of Shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 2 contracts
Samples: Participation Agreement (Hartford Life Insurance Co Separate Account 11), Participation Agreement (Corporate Sponsored Vul Separate Account I)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information thereforetherefor) on any day the New York Stock Exchange is and Chicago Mercantile Exchange are open for trading and on which the Fund a Designate Portfolio calculates its net asset value (a "Business Day") pursuant to the rules of the SEC Securities and Exchange Commission (a "Business DaySEC") by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus Fund's prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt and acceptance by the Fund Designated Portfolio on that same Business Day, provided that . The Company shall provide such Account information to the Fund receives notice of such request by 9:30 9:00 a.m. Eastern Time on the next Business Day following the day the corresponding requests were received. To facilitate the Designated Portfolios' daily trading practices, the Company also shall provide the Adviser with daily net aggregate trade and other information relating to the Designated Portfolios by 9:00 a.m. on the Business DayDay following the day the corresponding requests were received, with respect to which the Company shall hold the Fund and the Adviser harmless from any liability resulting from reliance on such information.
(b) The Company shall prominently disclose in its prospectus its policy prohibiting active trading in and among the Designated Portfolios', among other investment options, and shall actively enforce such policy to avoid active trading in the Designated Portfolios. The Company shall act immediately to determine the identity of and to prohibit active traders from trading in and among the Designated Portfolios upon notice from the Advisor that such activity appears to be present.
(c) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 12:00 2:00 p.m. Eastern Time on the same Business Day day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(cd) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios Portfolio in accordance with Section 1.3(b) of this Agreement), except that the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, the Company alone shall be responsible for such action.
(de) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund Shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 2 contracts
Samples: Participation Agreement (JPL Separate Account B of Jefferson Pilot Lifeamerica Ins Co), Participation Agreement (JPF Separate Account a of Jefferson Pilot Financial Ins Co)
Purchase and Redemption Procedures. (a) The Fund Trust hereby appoints the Company as an agent of the Fund Trust for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares Trust shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information thereforetherefor) on any day the New York Stock Exchange is open for trading and on which the Fund a Designated Portfolio calculates its net asset value (a "Business Day") pursuant to the rules of the SEC (a "Business Day") by the Company as such limited agent of the Fund Trust prior to the time that the Fund Trust ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) each Portfolio's prospectus shall constitute receipt and acceptance by the Fund Designated Portfolio on that same Business Day, provided that the Fund Trust receives notice of such request (which shall be forwarded as a net purchase or redemption request) by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund Trust of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund Trust or other designated person by wire to be received by the Fund by 12:00 p.m. Eastern Time on the same Business Day day the Fund Trust is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account)shares. If federal funds are not received on time, such funds will may be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the FundTrust's request, reimburse the Fund Trust for any charges, costs, fees, interest or other expenses incurred by the Fund Trust in connection with any advances to, or borrowing or overdrafts by, the FundTrust, or any similar expenses incurred by the FundTrust, as a result of portfolio transactions effected by the Fund Trust based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the FundTrust.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person person. The Trust shall use its best efforts to transmit payment by wire to be received on the same Business Day that the Fund Trust is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) (unless redemption proceeds are to be applied to the purchase of Shares of other Designated Portfolios shares in accordance with Section 1.3(b1.3(a). If federal funds are not received on time, funds may be invested in another option under the Contract, and the Trust shall promptly, upon the Company's request, reimburse the Company for any charges, costs, fees, interest or other expenses incurred by the Company in connection with any advances to, or borrowing overdrafts by, the Company, or any similar expenses incurred by the Company as a result of investments in other investment options, except that the Trust reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of this Agreement)the 1940 Act and any rules thereunder, and in accordance with the procedures and policies of the Trust as described in the then current prospectus. The Fund Trust shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the FundTrust's receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund Shares Trust shares so requested is received by the Fund Trust in federal funds prior to close of business for determination of such value, as defined from time to time in each Designated Portfolio's prospectus.
(e) The Company shall not redeem Trust shares attributable to the Fund ProspectusContracts (as opposed to Trust shares attributable to the Company's assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a "Legally Required Redemption"), (iii) upon 45 days prior written notice to the Trust and Adviser, as permitted by an order of the SEC pursuant to Section 26(b) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with the terms of the Contracts, or (iv) as permitted under the terms of the Contract. Upon request, the Company will promptly furnish to the Trust and the Adviser reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the Trust or the Adviser 45 days notice of its intention to do so.
Appears in 1 contract
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information thereforetherefor) on any day 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 (a "Business Day") by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Company uses its best efforts to provide the Fund receives with notice of such request by 9:30 9:00 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 wireno later than 2:00 p.m. Eastern Time on the same Business Day day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received transmitted on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt delivery of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, ; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 1 contract
Samples: Participation Agreement (Metropolitan Life Separate Account E)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information thereforetherefor) on any day 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 (a "Business Day") by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 4:00 p.m. Eastern Time on the same Business Day day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the reimbursethe Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement), except that the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, ; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 1 contract
Samples: Participation Agreement (Columbus Life Separate Account 1)
Purchase and Redemption Procedures. (a) The Fund hereby appoints For purposes of Sections 1.1 and 1.2, the Company as shall be an agent of the Fund Trust for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares Trust shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information thereforetherefor) on any day the New York Stock Exchange Exchange, Inc. is open for trading and on which the Fund a Designated Portfolio calculates its net asset value (a "Business Day") pursuant to the rules of the SEC (a "Business Day") by the Company as such limited agent of the Fund Trust prior to the time that the Fund Trust ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) each Designated Portfolio's prospectus shall constitute receipt and acceptance by the Fund Designated Portfolio on that same Business Day, provided that the Fund Trust or its agent receives notice of such request by 9:30 a.m. in good form PRIOR to the 2:00 p.m. Eastern Time on ("Trading Notice Deadline"). The Trust reserves the next following Business Dayright to change the Trading Notice Deadlines and other trading instructions from time-to-time by providing Company with reasonable prior written notice.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same Business Day following the day that it notifies the Fund Trust or its agent of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund Trust or other designated person by wire to be received by the Fund by 12:00 2:00 p.m. Eastern Time on the same Business Day day the Fund Trust is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption which request may be net of Shares redemptions of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Accountshares). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the FundTrust's request, reimburse the Fund Trust, as appropriate, for any charges, costs, fees, interest or other expenses incurred by the Fund Trust in connection with any advances to, or borrowing or overdrafts by, the FundTrust, or any similar expenses incurred by the FundTrust, as a result of portfolio transactions effected by the Fund Trust based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the FundTrust.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund Trust or its agent is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless which order shall be net of any purchase orders), except that the Trust may redeem Designated Portfolio shares in assets other than cash and delay payment of redemption proceeds are to be applied to the purchase extent permitted under Section 22(e) of Shares of other Designated Portfolios the 1940 Act and any rules thereunder, and in accordance with Section 1.3(b) the procedures and policies of this Agreementthe Trust as described in the then current prospectus and/or statement of additional information ("SAI"). The Fund Trust shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt and acceptance of such requestrequest by the Trust or its agent, provided that, in the case of a purchase request, payment for Fund Shares Trust shares so requested is received by the Fund Trust in federal funds prior to close of business for determination of such value, as defined from time to time in each Designated Portfolio's prospectus.
(e) The Company shall not redeem Trust shares attributable to the Fund ProspectusContracts (as opposed to Trust shares attributable to the Company's assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a "Legally Required Redemption"), (iii) upon 45 days prior written notice to the Trust and Adviser, as permitted by an order of the SEC pursuant to Section 26(c) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with the terms of the Contracts, or (iv) as permitted under the terms of the Contract. Upon request, the Company will promptly furnish to the Trust reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the Trust 45 days notice of its intention to do so.
Appears in 1 contract
Samples: Participation Agreement (Jefferson National Life Annuity Account F)
Purchase and Redemption Procedures. (a) The Fund hereby appoints For purposes of Sections 1.1 and 1.2, the Company as shall be an agent of the Fund Trust for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares Trust shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information thereforetherefor) on any day the New York Stock Exchange Exchange, Inc. is open for trading and on which the Fund a Designated Portfolio calculates its net asset value (a “Business Day”) pursuant to the rules of the SEC (a "Business Day") by the Company as such limited agent of the Fund Trust prior to the time that the Fund Trust ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) each Designated Portfolio’s prospectus shall constitute receipt and acceptance by the Fund Designated Portfolio on that same Business Day, provided that the Fund Trust or its agent receives notice of such request by 9:30 [8:30 a.m. Eastern Time Time] on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund Trust or its agent of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund Trust or other designated person by wire to be received by the Fund by 12:00 [2:00 p.m. Eastern Time Time] on the same Business Day day the Fund Trust is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption which request may be net of Shares redemptions of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Accountshares). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's Trust’s request, reimburse the Fund Trust or the Distributor, as appropriate, for any charges, costs, fees, interest or other expenses incurred by the Fund Trust or the Distributor in connection with any advances to, or borrowing or overdrafts by, the FundTrust, or any similar expenses incurred by the FundTrust, as a result of portfolio transactions effected by the Fund Trust based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the FundTrust.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund Trust or its agent is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless which order shall be net of any purchase orders), except that the Trust may redeem Designated Portfolio shares in assets other than cash and delay payment of redemption proceeds are to be applied to the purchase extent permitted under Section 22(e) of Shares of other Designated Portfolios the 1940 Act and any rules thereunder, and in accordance with Section 1.3(b) the procedures and policies of this Agreementthe Trust as described in the then current prospectus and/or statement of additional information (“SAI”). The Fund Trust shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, the . The Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's ’s general account shall be effected at the net asset value per share next determined after the Fund's receipt and acceptance of such requestrequest by the Trust or its agent, provided that, in the case of a purchase request, payment for Fund Shares Trust shares so requested is received by the Fund Trust in federal funds prior to the close of business for determination of such value, as defined from time to time in each Designated Portfolio’s prospectus.
(e) The Company shall not redeem Trust shares attributable to the Fund ProspectusContracts (as opposed to Trust shares attributable to the Company’s assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a “Legally Required Redemption”), (iii) upon 45 days prior written notice to the Trust and Adviser, as permitted by an order of the SEC pursuant to Section 26(b) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with the terms of the Contracts, or (iv) as permitted under the terms of the Contract. Upon request, the Company will promptly furnish to the Trust reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the Trust 45 days notice of its intention to do so.
Appears in 1 contract
Purchase and Redemption Procedures. (a) The parties agree to place and settle trades for shares through the National Securities Clearing Corporation ("NSCC"). The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information therefore) on any day the New York Stock Exchange is open for trading and on which the Fund a Portfolio calculates its net asset value pursuant to the rules of the SEC (a "Business Day") pursuant to the rules of the Securities and Exchange Commission ("SEC"), by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) Fund's prospectus shall constitute receipt and acceptance by the Fund Portfolio on that same Business Day. In the event that Company is unable to place and settle trades through the NSCC, provided Company will calculate and forward net orders so that the Fund receives notice of such request orders by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day Business Day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 12:00 3:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 3:00 p.m. Eastern Time on the same Business Day that the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The , except that the Fund shall not bear any responsibility whatsoever for reserves the proper disbursement or crediting right to delay payment of redemption proceeds by to the Companyextent permitted under Section 22(e) of the 1940 Act and any rules thereunder, and in accordance with the Company alone shall be responsible for such action.
(d) procedures and policies of the Fund as described in the then-current prospectus. Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund ProspectusFund's prospectus.
Appears in 1 contract
Samples: Participation Agreement (SBL Variable Annuity Account Xiv)
Purchase and Redemption Procedures. (a) The Fund Adviser hereby appoints the Company as an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information thereforetherefor) on any day the New York Stock Exchange is open for trading and on which the Fund a Designated Portfolio calculates its net asset value pursuant to the rules of the SEC (a "Business Day") pursuant to the rules of the Securities and Exchange Commission ("SEC"), by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) Fund's prospectus shall constitute receipt and acceptance by the Fund Designated Portfolio on that same Business Day, provided that the Fund Adviser receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day Business Day that it notifies the Fund Adviser of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund Adviser or other designated person by wire to be received by the Fund by 12:00 3:00 p.m. Eastern Time on the same Business Day the Fund Adviser is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund Adviser determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Adviser otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the FundAdviser's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Adviser or the Fund in connection with any advances to, or borrowing or overdrafts by, the Adviser or the Fund, or any similar expenses incurred by the Adviser or the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt by the Adviser of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the FundAdviser.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make Adviser shall cause payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall to be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 3 p.m. Eastern Time on the same Business Day that the Fund Adviser is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(bl.3(b) of this Agreement). The , except that the Fund shall not bear any responsibility whatsoever for reserves the proper disbursement or crediting right to delay payment of redemption proceeds by to the Companyextent permitted under Section 22(e) of the 1940 Act and any rules thereunder, and in accordance with the Company alone shall be responsible for such actionprocedures and policies of the Fund as described in the then-current prospectus.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the FundAdviser's receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund Adviser in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund ProspectusFund's prospectus.
Appears in 1 contract
Samples: Participation Agreement (SBL Variable Annuity Account Xiv)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information thereforetherefor) on any day 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 (a "Business Day") by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business DayDay or such later time as permitted by Section 1.4 hereof.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 4:00 p.m. Eastern Time on the same Business Day day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any reasonable charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person by wire to be received by the Company or such designated person by 4:00 p.m. Eastern Time on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement)) in accordance with the timing set forth in Section 1.2 above, except that the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash for redemption requests higher than $5,000,000_and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Fund and shall become the responsibility of the Company The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, ; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 1 contract
Samples: Participation Agreement (Separate Account Fp of Equitable Life Assur Soc of the Us)
Purchase and Redemption Procedures. (a) The Fund Adviser hereby appoints the Company as an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information thereforetherefor) on any day the New York Stock Exchange is open for trading and on which the Fund a Designated Portfolio calculates its net asset value (a “Business Day”) pursuant to the rules of the SEC Securities and Exchange Commission (a "Business Day") “SEC”), by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) Fund’s prospectus shall constitute receipt and acceptance by the Fund Designated Portfolio on that same Business Day, provided that the Fund Adviser receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day Business Day that it notifies the Fund Adviser of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund Adviser or other designated person by wire to be received by the Fund by 12:00 3:00 p.m. Eastern Time on the same Business Day the Fund Adviser is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund Adviser determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Adviser otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's Adviser’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Adviser or the Fund in connection with any advances to, or borrowing or overdrafts by, the Adviser or the Fund, or any similar expenses incurred by the Adviser or the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt by the Adviser of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the FundAdviser.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make Adviser shall cause payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall to be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 3 p.m. Eastern Time on the same Business Day that the Fund Adviser is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The , except that the Fund shall not bear any responsibility whatsoever for reserves the proper disbursement or crediting right to delay payment of redemption proceeds by to the Companyextent permitted under Section 22(e) of the 1940 Act and any rules thereunder, and in accordance with the Company alone shall be responsible for such actionprocedures and policies of the Fund as described in the then-current prospectus.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's ’s general account shall be effected at the net asset value per share next determined after the Fund's Adviser’s receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund Adviser in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund ProspectusFund’s prospectus.
Appears in 1 contract
Samples: Participation Agreement (SBL Variable Annuity Account Xiv)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information thereforetherefor) on any day the New York Stock Exchange is open for trading and on which the Fund calculates its it net asset value pursuant to the rules of the SEC (a "Business Day") by the Company as such limited agent of the Fund prior to the time that the Fund calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 ____ p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 ____ a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 ____ p.m. Eastern Time on the same Business Day day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios Portfolio in accordance with Section 1.3(b) of this Agreement), except that the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 1 contract
Samples: Participation Agreement (Ing Variable Insurance Trust)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information thereforetherefor) on any day 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 (a "Business Day") by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus Fund's statutory prospectus, as such term is defined in Rule 498 under the 1933 Act (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt and acceptance by the Fund on that same Business Day, provided that the Fund or its designated agent receives notice of such request by 9:30 9:00 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 4:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption which request may be net of Shares redemptions of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Accountshares). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant shares (which order shall be net of any purchase orders) except that the Fund reserves the right to Section 1.3(a) (unless redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds are to be applied to the purchase extent permitted under Section 22(e) of Shares of other Designated Portfolios the 1940 Act and any Rules thereunder, and in accordance with Section 1.3(b) the procedures and policies of this Agreementthe Fund as described in the then current statutory prospectus and/or statement of additional information ("SAI"). The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, ; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund's statutory prospectus.
(e) The Company shall not redeem Fund Prospectusshares attributable to the Contracts (as opposed to Fund shares attributable to the Company's assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a "Legally Required Redemption"), (iii) upon 45 clays prior written notice to the Fund and the Underwriter, as permitted by an order of the SEC pursuant to Section 26(c) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with .the terms of the Contracts, or (iv) as permitted under the terms of the Contracts. Upon request, the Company will promptly furnish to the Fund reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the Fund 45 days notice of its intention to do so.
(f) Notwithstanding anything herein to the contrary, the Company, Fund and/or Underwriter shall comply with the processing specifications set forth in Schedule C attached hereto and made a part hereof in respect of transactions processed through the facilities of the National Securities Clearing Corporation ("NSCC").
Appears in 1 contract
Samples: Participation Agreement (Talcott Resolution Life Insurance Co Separate Account Seven)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information thereforetherefor) on any day 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 (a "Business Day") by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 9:00 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 4:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person by 2 p.m. on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement), except that the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, ; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 1 contract
Samples: Participation Agreement (John Hancock Life Insurance Co (Usa) Separate Account N)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information thereforetherefor) on any day 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 (a "“Business Day"”) by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 4:00 p.m. Eastern Time on the same next Business Day after the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's ’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement), except that the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus. The Fund shall apply any such delay in redemptions uniformly to all holders of shares of the affected Designated Portfolio. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, ; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's ’s general account shall be effected at the net asset value per share next determined after the Fund's ’s receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 1 contract
Samples: Participation Agreement (Annuity Investors Variable Account A)
Purchase and Redemption Procedures. (a) The Fund ADAMA hereby appoints appoints, or shall cause the Company to be appointed as an agent of the Fund each Trust for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares Portfolio shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information thereforetherefor) on any day the New York Stock Exchange is open for trading and on which the Fund a Designated Portfolio calculates its net asset value pursuant to the rules of the SEC (a "Business Day") pursuant to the rules of the Securities and Exchange Commission ("SEC"), by the Company as such limited agent of the Fund each Trust prior to the time that the Fund such Trust ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) such Trust's prospectus shall constitute receipt and acceptance by the Fund Designated Portfolio on that same Business Day, provided that the Fund such Trust receives notice of such request by 9:30 9:00 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day Business Day that it notifies the Fund ADAMA of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund applicable Trust or other designated person by wire to be received by the Fund by 12:00 3:00 p.m. Eastern Time on the same Business Day the Fund applicable Trust is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund ADAMA determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless ADAMA otherwise determines and so advises the Company to delay the date of payment, to the extent the Trust may do so under the 1940 Act). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the FundADAMA's request, reimburse the Fund Trust for any charges, costs, fees, interest or other expenses incurred by the Fund Trust in connection with any advances to, or borrowing or overdrafts by, the FundTrust, or any similar expenses incurred by the FundTrust, as a result of portfolio transactions effected by the Fund Trust based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the FundADAMA.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of ADAMA shall cause the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment applicable Trust to pay for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person by 3 p.m. Eastern Time on the same Business Day that the Fund such Trust is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement), except that each Trust reserves the right to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any rules thereunder, and in accordance with the procedures and policies of the applicable Trust as described in the then-current prospectus. The Fund Neither Trust shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds to the Contract by the Company, : the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fundapplicable Trust's receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund applicable Trust in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectusapplicable Trust's prospectus.
Appears in 1 contract
Samples: Participation Agreement (SBL Variable Annuity Account Xiv)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information thereforetherefor) on any day 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 (a "Business Day") by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 4:00 p.m. Eastern Time on the same Business Day day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement), except that the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, ; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the closing net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 1 contract
Samples: Participation Agreement (Farmers Annuity Separate Account A)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information thereforetherefor) on any day 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 (a "“Business Day"”) by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus Fund’s statutory prospectus, as such term is defined in Rule 498 under the 1933 Act (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt and acceptance by the Fund on that same Business Day, provided that the Fund or its designated agent receives notice of such request by 9:30 9:00 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 4:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption which request may be net of Shares redemptions of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Accountshares). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's ’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant shares (which order shall be net of any purchase orders) except that the Fund reserves the right to Section 1.3(a) (unless redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds are to be applied to the purchase extent permitted under Section 22(e) of Shares of other Designated Portfolios the 1940 Act and any Rules thereunder, and in accordance with Section 1.3(b) the procedures and policies of this Agreementthe Fund as described in the then current statutory prospectus and/or statement of additional information (“SAI”). The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, ; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's ’s general account shall be effected at the net asset value per share next determined after the Fund's ’s receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund’s statutory prospectus.
(e) The Company shall not redeem Fund Prospectusshares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a “Legally Required Redemption”), (iii) upon 45 days prior written notice to the Fund and the Underwriter, as permitted by an order of the SEC pursuant to Section 26(c) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with the terms of the Contracts, or (iv) as permitted under the terms of the Contracts. Upon request, the Company will promptly furnish to the Fund reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the Fund 45 days notice of its intention to do so.
Appears in 1 contract
Samples: Participation Agreement (Pimco Variable Insurance Trust)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares that may be held in the general account of the Company) for Shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information therefore) on any day 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 (a "Business Day") by the Company as such limited agent of the Fund prior to the time that the Fund calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Designated Portfolio Shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 end of the Business Day (normally 5:00 p.m. Eastern Time Time) on the same Business Day day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person by the end of Business Day (normally 5:00 p.m. Eastern Time) on the same Business Day that the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) (unless redemption proceeds are to be applied to the purchase of Shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 1 contract
Samples: Participation Agreement (Metlife of Ct Separate Account Eleven for Variable Annuities)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information thereforetherefor) on any day 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 (a "Business Day") by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 9:00 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 4:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person by 4 p.m. Eastern Time on the same Business Day that the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement), except that the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash (as limited in accordance with Rule 18f-1 under the 1940 Act) and to delay paymenx xx xxxemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, ; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 1 contract
Samples: Participation Agreement (SBL Variable Annuity Account Xi)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information therefore) on any day 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 (a "Business Day") by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 9:00 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 4:00 p.m. Eastern Time on the same Business Day day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement), except that the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, ; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 1 contract
Samples: Fund Participation Agreement (Jefferson National Life Annuity Account G)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Separate Account (but not with respect to any Fund Shares that may be held in the general account of the Company) for Shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Separate Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Separate Account. Receipt of any such request (or relevant transactional information thereforetherefor) on any day 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 (a "Business Day") by the Company as such limited agent of the Fund prior to the time that the Fund calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Designated Portfolio Shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 p.m. Eastern Time on the same Business Day day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Separate Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares redeemed by the Separate Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person normally on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) (unless redemption proceeds are to be applied to the purchase of Shares of other Designated Portfolios Portfolio in accordance with Section 1.3(b) of this Agreement), except that the Fund reserves the right to redeem Designated Portfolio Shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares so requested is received by the Fund in federal funds prior to 3- close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 1 contract
Samples: Participation Agreement (Ge Life & Annuity Assurance Co Iv)
Purchase and Redemption Procedures. (a) The Fund Underwriter hereby appoints the Company as an agent of the Fund Funds for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares Funds shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information thereforetherefor) on any day the New York Stock Exchange is open for trading and on which the Fund a Designated Portfolio calculates its net asset value pursuant to the rules of the SEC (a "Business Day") pursuant to the rules of the Securities and Exchange Commission ("SEC"), by the Company as such limited agent of the Fund Funds prior to the time that the Fund calculates its Funds ordinarily calculate their respective net asset value values as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) Funds' prospectus shall constitute receipt and acceptance by the Fund Designated Portfolio on that same Business Day, provided that the Fund Underwriter receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day Business Day that it notifies the Fund Underwriter or Transfer Agent of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund Funds or other designated person by wire to be received by the Fund by 12:00 3:00 p.m. Eastern Time on the same Business Day the Fund Underwriter or Transfer Agent is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund Underwriter or Transfer Agent determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Underwriter or Transfer Agent otherwise determines and so advise the Company to delay the date of payment, to the extent such delay is permitted under the 1940 Act). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's Funds' request, reimburse the Fund Funds for any charges, costs, fees, interest or other expenses incurred by the Fund Funds in connection with any advances to, or borrowing or overdrafts by, the FundFunds, or any similar expenses incurred by the FundFunds, as a result of portfolio transactions effected by the Fund Funds based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the FundFunds.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made by the Underwriter or Transfer Agent in federal funds transmitted by wire to the Company or any other designated person by 3 p.m. Eastern Time on the same Business Day that the Fund Underwriter or Transfer Agent is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The Fund shall not bear any responsibility whatsoever for , except that the proper disbursement or crediting right to delay payment of redemption proceeds by is reserved to the Companyextent permitted under Section 22(e) of the 1940 Act and any rules thereunder, and in accordance with the Company alone shall be responsible for such actionprocedures and policies of the Funds as described in the then-current prospectus.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share determined on the next determined following Business Day after the Fund's receipt and acceptance of such requestrequest by the Underwriter or Transfer Agent, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund Underwriter or Transfer Agent in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund ProspectusFunds' prospectus.
Appears in 1 contract
Samples: Participation Agreement (SBL Variable Annuity Account Xiv)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information thereforetherefor) on any day the New York Stock Exchange is open for trading and on which the Fund calculates its it net asset value pursuant to the rules of the SEC (a "Business Day") by the Company as such limited agent of the Fund prior to the time that the Fund calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 4:00 p.m. Eastern Time on the same Business Day day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.other
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios Portfolio in accordance with Section 1.3(b) of this Agreement), except that the Fund reserves the right to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 1 contract
Samples: Participation Agreement (Bankers Life Insurance Co of New York Separate Account I)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information thereforetherefor) on any day the New York Stock Exchange is open for trading and on which the Fund a Designated Portfolio calculates its net asset value pursuant to the rules of the SEC (a "Business Day") pursuant to the rules of the Securities and Exchange Commission ("SEC"), by the Company as such limited agent of the Fund prior to the time that the Fund calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) Fund's prospectus shall constitute receipt and acceptance by the Fund Designated Portfolio on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day Business Day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 12:00 3:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 3 p.m. Eastern Time on the same Business Day that the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares in accordance with the procedures and policies of the Fund as described in the then-current prospectus. (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The , except that the Fund shall not bear any responsibility whatsoever for reserves the proper disbursement or crediting right to delay payment of redemption proceeds by to the Company, extent permitted under Section 22(e) of the Company alone shall be responsible for such action1940 Act and any rules thereunder.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund ProspectusFund's prospectus.
Appears in 1 contract
Samples: Participation Agreement (SBL Variable Annuity Account Xiv)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information thereforetherefor) on any day the New York Stock Exchange is open for trading and on which the Fund calculates its it net asset value pursuant to the rules of the SEC (a "“Business Day"”) by the Company as such limited agent of the Fund prior to the time that the Fund calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 4:00 p.m. Eastern Time on the same Business Day day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's ’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios Portfolio in accordance with Section 1.3(b) of this Agreement), except that the Fund reserves the right to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's ’s general account shall be effected at the net asset value per share next determined after the Fund's ’s receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 1 contract
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares that may be held in the general account of the Company) for Shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information therefore) on any day 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 (a "Business Day") by the Company as such limited agent of the Fund prior to the time that the Fund calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Designated Portfolio Shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 6:00 p.m. Eastern Time on the same Business Day day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) (unless redemption proceeds are to be applied to the purchase of Shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 1 contract
Samples: Participation Agreement (Columbus Life Separate Account 1)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information thereforetherefor) on any day the New York Stock Exchange is open for trading and on which the Fund a Portfolio calculates its net asset value (a “Business Day”) pursuant to the rules of the SEC Securities and Exchange Commission (a "Business Day") “SEC”), by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) Fund’s prospectus shall constitute receipt and acceptance by the Fund Portfolio on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day Business Day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 12:00 3:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's ’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 3 p.m. Eastern Time on the same Business Day that the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The , except that the Fund shall not bear any responsibility whatsoever for reserves the proper disbursement or crediting right to delay payment of redemption proceeds by to the Companyextent permitted under Section 22(e) of the 1940 Act and any rules thereunder, and in accordance with the Company alone shall be responsible for such actionprocedures and policies of the Fund as described in the then-current prospectus.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's ’s general account shall be effected at the net asset value per share next determined after the Fund's ’s receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund ProspectusFund’s prospectus.
Appears in 1 contract
Samples: Participation Agreement (SBL Variable Annuity Account Xiv)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information thereforetherefor) on any day 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 (a "Business Day") by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 4:00 p.m. Eastern Time on the same Business Day day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The , except that the Fund shall not bear any responsibility whatsoever for reserves the proper disbursement or crediting of redemption proceeds by the Company, the Company alone shall be responsible for such action.right to redeem Designated Portfolio shares in assets other than cash and to
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.by 9:00 a.
Appears in 1 contract
Samples: Participation Agreement (Providentmutual Variable Annuity Separate Account)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information thereforetherefor) on any day 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 (a "Business Day") by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 9:00 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 3:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person by 3 p.m. Eastern Time on the same Business Day that the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement), except that the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash (as limited in accordance with Rule 18f-1 under the 1000 Xxx) and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, ; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 1 contract
Samples: Participation Agreement (Variable Annuity Account B)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information thereforetherefor) on any day 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 (a "“Business Day"”) by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt and acceptance by the Fund on that same Business Day, provided that the Fund or its designated agent receives notice of such request by 9:30 9:00 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 4:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption which request may be net of Shares redemptions of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Accountshares). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's ’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant shares (which order shall be net of any purchase orders) except that the Fund reserves the right to Section 1.3(a) (unless redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds are to be applied to the purchase extent permitted under Section 22(e) of Shares of other Designated Portfolios the 1940 Act and any Rules thereunder, and in accordance with Section 1.3(b) the procedures and policies of this Agreement)the Fund as described in the then current prospectus and/or SAI. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, ; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's ’s general account shall be effected at the net asset value per share next determined after the Fund's ’s receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
(e) The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a “Legally Required Redemption”), (iii) upon 45 days prior written notice to the Fund and the Underwriter, as permitted by an order of the SEC pursuant to Section 26(c) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with the terms of the Contracts, or (iv) as permitted under the terms of the Contracts. Upon request, the Company will promptly furnish to the Fund reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the Fund 45 days notice of its intention to do so.
Appears in 1 contract
Samples: Participation Agreement (Pimco Variable Insurance Trust)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information thereforetherefor) on any day 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 (a "“Business Day"”) by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 9:00 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 4:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's ’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement), except that the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, ; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's ’s general account shall be effected at the net asset value per share next determined after the Fund's ’s receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 1 contract
Purchase and Redemption Procedures. (a) The Fund hereby appoints For purposes of Sections 1.1 and 1.2, the Company as shall be an agent of the Fund Trust for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares Trust shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information therefore) on any day the New York Stock Exchange Exchange, Inc. is open for trading and on which the Fund a Designated Portfolio calculates its net asset value (a "Business Day") pursuant to the rules of the SEC (a "Business Day") by the Company as such limited agent of the Fund Trust prior to the time that the Fund Trust ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) each Designated Portfolio's prospectus shall constitute receipt and acceptance by the Fund Designated Portfolio on that same Business Day, provided that the Fund Trust or its agent receives notice of such request by 9:30 8:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund Trust or its agent of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund Trust or other designated person by wire to be received by the Fund by 12:00 2:00 p.m. Eastern Time on the same Business Day day the Fund Trust is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption which request may be net of Shares redemptions of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Accountshares). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the FundTrust's request, reimburse the Fund Trust or the Distributor, as appropriate, for any charges, costs, fees, interest or other expenses incurred by the Fund Trust or the Distributor in connection with any advances to, or borrowing or overdrafts by, the FundTrust, or any similar expenses incurred by the FundTrust, as a result of portfolio transactions effected by the Fund Trust based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the FundTrust.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund Trust or its agent is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless which order shall be net of any purchase orders), except that the Trust may redeem Designated Portfolio shares in assets other than cash and delay payment of redemption proceeds are to be applied to the purchase extent permitted under Section 22(e) of Shares of other Designated Portfolios the 1940 Act and any rules thereunder, and in accordance with Section 1.3(b) the procedures and policies of this Agreementthe Trust as described in the then current prospectus and/or statement of additional information ("SAI"). The Fund Trust shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt and acceptance of such requestrequest by the Trust or its agent, provided that, in the case of a purchase request, payment for Fund Shares Trust shares so requested is received by the Fund Trust in federal funds prior to close of business for determination of such value, as defined from time to time in each Designated Portfolio's prospectus.
(e) The Company shall not redeem Trust shares attributable to the Fund ProspectusContracts (as opposed to Trust shares attributable to the Company's assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a "Legally Required Redemption"), (iii) upon 45 days prior written notice to the Trust and Adviser, as permitted by an order of the SEC pursuant to Section 26(c) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with the terms of the Contracts, or (iv) as permitted under the terms of the Contract. Upon request, the Company will promptly furnish to the Trust reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the Trust 45 days notice of its intention to do so.
Appears in 1 contract
Samples: Participation Agreement (Jefferson National Life Annuity Account H)
Purchase and Redemption Procedures. (a) The Fund hereby appoints For purposes of Sections 1.1 and 1.2, the Company as shall be an agent of the Fund Trust for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares Trust shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information thereforetherefor) on any day the New York Stock Exchange Exchange, Inc. is open for trading and on which the Fund a Designated Portfolio calculates its net asset value (a "Business Day") pursuant to the rules of the SEC (a "Business Day") by the Company as such limited agent of the Fund Trust prior to the time that the Fund Trust ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) each Designated Portfolio's prospectus shall constitute receipt and acceptance by the Fund Designated Portfolio on that same Business Day, provided that the Fund Trust or its agent receives notice of such request by 9:30 8:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund Trust or its agent of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund Trust or other designated person by wire to be received by the Fund by 12:00 2:00 p.m. Eastern Time on the same Business Day day the Fund Trust is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption which request may be net of Shares redemptions of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Accountshares). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the FundTrust's request, reimburse the Fund Trust or the Distributor, as appropriate, for any charges, costs, fees, interest or other expenses incurred by the Fund Trust or the Distributor in connection with any advances to, or borrowing or overdrafts by, the FundTrust, or any similar expenses incurred by the FundTrust, as a result of portfolio transactions effected by the Fund Trust based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the FundTrust.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund Trust or its agent is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless which order shall be net of any purchase orders), except that the Trust may redeem Designated Portfolio shares in assets other than cash and delay payment of redemption proceeds are to be applied to the purchase extent permitted under Section 22(e) of Shares of other Designated Portfolios the 1940 Act and any rules thereunder, and in accordance with Section 1.3(b) the procedures and policies of this Agreementthe Trust as described in the then current prospectus and/or statement of additional information ("SAI"). The Fund Trust shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt and acceptance of such requestrequest by the Trust or its agent, provided that, in the case of a purchase request, payment for Fund Shares Trust shares so requested is received by the Fund Trust in federal funds prior to close of business for determination of such value, as defined from time to time in each Designated Portfolio's prospectus.
(e) The Company shall not redeem Trust shares attributable to the Fund ProspectusContracts (as opposed to Trust shares attributable to the Company's assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a "Legally Required Redemption"), (iii) upon 45 days prior written notice to the Trust and Adviser, as permitted by an order of the SEC pursuant to Section 26(c) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with the terms of the Contracts, or (iv) as permitted under the terms of the Contract. Upon request, the Company will promptly furnish to the Trust reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the Trust 45 days notice of its intention to do so.
Appears in 1 contract
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares that may be held in the general account of the Company) for Shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information therefore) on any day 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 (a "Business Day") by the Company as such limited agent of the Fund prior to the time that the Fund calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Designated Portfolio Shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 the end of the Business Day (normally, 5:00 p.m. Eastern Time Time) on the same Business Day day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) (unless redemption proceeds are to be applied to the purchase of Shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 1 contract
Samples: Participation Agreement (National Variable Life Insurance Account)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent designee of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information thereforetherefor) on any day the New York Stock Exchange ("NYSE") is open for trading and on which the Fund calculates its net asset value ("NAV") pursuant to its prospectus and the rules of the SEC (a "Business Day") by the Company as such limited agent designee of the Fund prior to the time that the Fund ordinarily calculates its net asset value NAV as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is close of trading of the NYSE, generally 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 11 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 4:00 p.m. Eastern Time on the same Business Day day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person to be received by the Company by 4:00 p.m. Eastern Time on the same Business Day that day the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.Section
Appears in 1 contract
Samples: Participation Agreement (Merrill Lynch Life Variable Annuity Separate Account A)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information thereforetherefor) on any day the New York Stock Exchange is open for trading and on which the Fund a Designated Portfolio calculates its net asset value pursuant to the rules of the SEC (a "Business Day") pursuant to the rules of the Securities and Exchange Commission ("SEC"), by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) Fund's prospectus shall constitute receipt and acceptance by the Fund Designated Portfolio on that same Business Day, . provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day Business Day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 12:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person on the same Business Day that the Fund is properly notified of the redemption order for such Shares pursuant to Section 1.3(a) (unless redemption proceeds are to be applied to the purchase of Shares of other Designated Portfolios in a timely manner in accordance with Section 1.3(b22(e) of this Agreement)the 1940 Act and any rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then- current prospectus. The Fund shall not bear If Company's order requests the redemption of any responsibility whatsoever for the proper disbursement shares of a Designated Portfolio valued at or crediting of redemption proceeds by the Companygreater than $ 1 million, the Fund will wire such amount to Company alone shall be responsible for such actionwithin seven days of the order.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund ProspectusFund's prospectus.
(e) Company will make reasonable efforts to notify each applicable Designated Portfolio in advance of any purchase or redemption order greater than $lmillion.
Appears in 1 contract
Samples: Participation Agreement (SBL Variable Annuity Account Xiv)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares that may be held in the general account of the Company) for Shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information therefore) on any day the New York Stock Exchange is open for trading trading, and the Company is open for business (as outlined in the Contract prospectuses), and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a "“Business Day"”) by the Company as such limited agent of the Fund prior to the time that the Fund calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Designated Portfolio Shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's ’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment thereforetherefor, in accordance with the provisions of the then then-current registration statement of the Fund. Payment for Designated Portfolio Shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same Business Day that the Fund is properly notified of the redemption order for such Shares pursuant to Section 1.3(a) (unless redemption proceeds are to be applied to the purchase of Shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares held or to be held in the Company's ’s general account shall be effected at the net asset value per share next determined after the Fund's ’s receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 1 contract
Samples: Participation Agreement (Titanium Universal Life Variable Account)
Purchase and Redemption Procedures. (a) The Fund Trust hereby appoints the Company as an agent of the Fund Trust for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares Trust shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information thereforetherefor) on any day the New York Stock Exchange is open for trading and on which the Fund a Designated Portfolio calculates its net asset value (a “Business Day”) pursuant to the rules of the SEC Securities and Exchange Commission (a "Business Day") “SEC”), by the Company as such limited agent of the Fund Trust prior to the time that the Fund Trust ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) Trust’s prospectus shall constitute receipt and acceptance by the Fund Designated Portfolio on that same Business Day, provided that the Fund Trust receives notice of such request by 9:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day Business Day that it notifies the Fund Trust of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund Trust or other designated person by wire to be received by the Fund by 12:00 3:00 p.m. Eastern Time on the same Business Day the Fund Trust is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund Trust determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Trust otherwise determines and so advises the Company to delay the date of payment, to the extent the Trust may do so under the 1940 Act). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's Trust’s request, reimburse the Fund Trust for any charges, costs, fees, interest or other expenses incurred by the Fund Trust in connection with any advances to, or borrowing or overdrafts by, the FundTrust, or any similar expenses incurred by the FundTrust, as a result of portfolio transactions effected by the Fund Trust based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the FundTrust.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made by the Trust in federal funds transmitted by wire to the Company or any other designated person by 3 p.m. Eastern Time on the same Business Day that the Fund Trust is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The Fund shall not bear any responsibility whatsoever for , except that the proper disbursement or crediting Trust reserves the right to delay payment of redemption proceeds by to the Companyextent permitted under Section 22(e) of the 1940 Act and any rules thereunder, and in accordance with the Company alone shall be responsible for such actionprocedures and policies of the Trust as described in the then-current prospectus.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's ’s general account shall be effected at the net asset value per share next determined after the Fund's Trust’s receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund Shares Trust shares so requested is received by the Fund Trust in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund ProspectusTrust’s prospectus.
(e) All purchase or redemption requests shall be in accordance with the terms of the Trust’s prospectus.
Appears in 1 contract
Samples: Participation Agreement (SBL Variable Annuity Account Xiv)
Purchase and Redemption Procedures. (a) The Fund Trust hereby appoints the Company as an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information thereforetherefor) on any day the New York Stock Exchange is open for trading and on which the Fund a Designated Portfolio calculates its net asset value pursuant to the rules of the SEC (a "Business Day") pursuant to the rules of the Securities and Exchange Commission ("SEC"), by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) Fund's prospectus shall constitute receipt and acceptance by the Fund Designated Portfolio on that same Business Day, provided that the Fund receives notice of such request by 9:30 8:30 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day Business Day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 12:00 3:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio Fund transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 3 p.m. Eastern Time on the same Business Day that the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement). The , except that the Fund shall not bear any responsibility whatsoever for reserves the proper disbursement or crediting right to delay payment of redemption proceeds by to the Companyextent permitted under Section 22(e) of the 1940 Act and any rules thereunder, and in accordance with the Company alone shall be responsible for such actionprocedures and policies of the Fund as described in the then-current prospectus.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund ProspectusFund's prospectus.
Appears in 1 contract
Samples: Participation Agreement (SBL Variable Annuity Account Xiv)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information thereforetherefor) on any day 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 (a "“Business Day"”) by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 9:00 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 4:00 p.m. Eastern Time on the same Business Day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's ’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(bl .3(b) of this Agreement), except that the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, ; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's ’s general account shall be effected at the net asset value per share next determined after the Fund's ’s receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 1 contract
Samples: Participation Agreement (WoodmenLife Variable Annuity Account)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information thereforetherefor) on any day 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 (a "Business Day") by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 9:00 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by by. wire to be received by the Fund by 12:00 4:00 p.m. Eastern Time on the same Business Day day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement), except that the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, ; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 1 contract
Samples: Participation Agreement (Metlife Investors Variable Annuity Account One)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund Shares shares that may be held in the general account of the Company) for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt of any such request (or relevant transactional information thereforetherefor) on any day 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 (a "Business Day") by the Company as such limited agent of the Fund prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that the Fund receives notice of such request by 9:30 11 a.m. Eastern Time on the next following Business Day.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Designated Portfolio Shares shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 12:00 4:00 p.m. Eastern Time on the same Business Day day the Fund is notified of the purchase request for Designated Portfolio Shares pursuant to Section 1.3(a) shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio Shares shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowing or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.
(c) The Fund will redeem Designated Portfolio Shares requested on behalf of the Account, and make payment therefore, in accordance with the provisions of the then current registration statement of the Fund. Payment for Designated Portfolio Shares shares redeemed by the Account or the Company normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the same next Business Day that after the Fund is properly notified of the redemption order for of such Shares pursuant to Section 1.3(a) shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement), except that the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company, ; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Designated Portfolio Shares shares held or to be held in the Company's general account shall be effected at the closing net asset value per share next determined after the Fund's receipt of such request, provided that, in the case of a purchase request, payment for Fund Shares shares so requested is received by the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in the Fund Prospectus.
Appears in 1 contract
Samples: Participation Agreement (Farmers Annuity Separate Account A)