Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as its agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares that may be held in the general account of the Company). Receipt of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund’s prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE) shall constitute receipt by the Fund on that same Business Day, provided that: (i) if the Company transmits such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 a.m. Eastern Time on the next following Business Day); or (ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value. (b) The Company shall pay for Shares on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 6:00 p.m. Eastern Time on the day the Fund is notified of the purchase request for Shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of other Portfolios effected pursuant to redemption requests tendered by the Company on behalf of an Account). 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) Payment for Shares redeemed by the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the Fund is properly notified of the redemption order of such Shares (unless redemption proceeds are to be applied to the purchase of Shares of other 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 to make payment in any manner permitted under the procedures and policies of the Fund as described in the then current registration statement. 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 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 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 11 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 its an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf for shares of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, Fund based on allocations of amounts to such Accounts the Account or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf arising out of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares that may be held in the general account of the Company)Contracts. Receipt of any such request (or relevant transactional information therefor), ) on any Business Day by the Company as such limited agent of the Fund, on any day the Fund prior to 4:00 p.m. New York Stock Exchange Time (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund’s prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE"NYT") shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if that the Company transmits Fund receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 a.m. Eastern Time 10:00 am NYT on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Fund will confirm receipt of each trade (ending share balance by Account and Fund) and these confirmations will be made available to Company by 1:00 pm New York time on the day the Fund is properly notified of the trade, using a mutually agreed upon format. The Company, which in addition to being a life insurance company is a broker/dealer and member of the NASD, shall pay for Shares the shares on the same day that it notifies places an order with the Fund of a to purchase request those Fund shares for such Sharesan Account. Payment for Shares shall Fund shares will be made by each Account or the Company in federal funds transmitted Federal Funds to the Fund by Fund, prior to the close of the Federal Reserve wire to be received by the Fund by 6:00 p.m. Eastern Time system on the day the Fund is properly notified of the purchase request order for Shares (unless shares. If payment is not received by the Fund determines and so advises on the same Business Day, the Company that sufficient proceeds are available from redemption of Shares of shall, upon Fund's request, promptly reimburse the Fund for any charges, costs, fees, interest or other Portfolios effected pursuant to redemption requests tendered by expenses incurred in connection with advances, borrowing and overdrafts. If the Company on behalf of an Account)banking system is closed, payment will be initiated the next day the banking system is open for business. Upon The Fund will confirm receipt of federal funds so wiredeach trade and these confirmations will be received on time, such funds shall cease to will be the responsibility of invested, and shares purchased thereby will be issued, as soon as practicable. Payment for shares redeemed by each Account or the Company and shall become the responsibility of the Fund.
(c) Payment for Shares redeemed by the Company on behalf of an Account shall will be made in federal funds transmitted by wire Federal Funds to the Company or any other designated person Company, prior to the close of the Federal Reserve wire system on the next Business Day after same day the Fund is properly notified of the redemption order of such Shares (unless redemption proceeds are to be applied to the purchase of Shares of other Portfolios in accordance with Section 1.3(b) of this Agreement)or shares, except that the Fund reserves the right to delay payment of redemption proceeds to the extent as permitted under Section 22(e) of the 1940 Act and 0000 Xxx. If payment is not received by Company the same Business Day, the Fund shall, upon Company's request, promptly reimburse the Company for any rules thereundercharges, costs, fees, interest or other expenses incurred in connection with advances, borrowing, and to make overdrafts. If the banking system is closed, payment in any manner permitted under will be initiated the procedures and policies of next day the banking system is open for business. Neither the Fund as described in nor the then current registration statement. The Fund Adviser shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Companyif securities are redeemed; the Company alone shall be responsible for such action.
(dc) Any purchase or redemption request requests for Shares held Fund shares that do not result directly from transactions relating to the Contracts or to be held in the Company’s general account Account shall be effected at the closing net asset value per Share share next determined after the Fund’s 's receipt of such request, provided that, in the case of a purchase request, payment for Shares 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 10 contracts
Samples: Participation Agreement (Lincoln Life & Annuity Flexible Premium Variable Life Account M), Participation Agreement (Lincoln Life Flexible Premium Variable Life Account M), Participation Agreement (Lincoln Life & Annuity Flexible Prem Vari Life Acct M)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as its agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts Accounts, if any, listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules Schedules 2 and 7 or with respect to any Shares that may be held in the general account of the Company). Receipt of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund’s prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if the Company transmits such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) NSCC Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 7:00 a.m. Eastern Time on the next following Business DayDay (T+1)); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 8:30 a.m. Eastern Time on the next following Business DayDay (T+1). With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company shall pay for Shares on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 6:00 4:00 p.m. Eastern Time on the day the Fund is notified of the purchase request for Shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of other Portfolios effected pursuant to redemption requests tendered by the Company on behalf of an Account)Shares. 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) Payment for Shares redeemed by the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the Fund is properly notified of the redemption order of such Shares (unless redemption proceeds are to be applied to the purchase of Shares of other Portfolios in accordance with Section 1.3(b) of this Agreement)Shares, 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 to make payment in any manner permitted under the procedures and policies of the Fund as described in the then current registration statement. 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 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 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 9 contracts
Samples: Participation Agreement (Separate Account Va B), Participation Agreement (Separate Account Va B), Participation Agreement (Separate Account Va W)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as its an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf for shares of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, Fund based on allocations of amounts to such Accounts the Account or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf arising out of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares that may be held in the general account of the Company)Contracts. Receipt of any such request (or relevant transactional information therefor), ) on any Business Day by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) prior to the time that the Fund ordinarily calculates its net asset value Fund's close of business as described defined from time to time in the Fund’s prospectus Fund Prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE4 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if that the Company transmits Fund receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 10:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company shall pay for Shares shares of each Series on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Shares Series shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 6:00 p.m. 11:00 a.m. Eastern Time on the day the Fund is notified of the purchase request for Shares Series shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Portfolios Series effected pursuant to redemption requests tendered by the Company on behalf of an the Account). Upon receipt of If federal funds so wiredare not received on time, such funds shall cease to will be the responsibility of the Company invested, and shall become the responsibility of the FundSeries shares purchased thereby will be issued, as soon as practicable.
(c) Payment for Shares Series shares redeemed by the Account or the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the Fund is properly notified of the redemption order of such Shares Series shares (unless redemption proceeds are to be applied to the purchase of Shares Fund shares of other Portfolios Series in accordance with Section 1.3(b2.3(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 to make payment in any manner permitted under the procedures and policies of the Fund as described in the then current registration statement0000 Xxx. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Companyproceeds; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request requests for Shares held Fund shares that do not result directly from transactions relating to the Contracts or to be held in the Company’s general account Account shall be effected at the closing net asset value per Share share next determined after the Fund’s 's receipt of such request, provided that, in the case of a purchase request, payment for Shares 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 8 contracts
Samples: Participation Agreement (Pacific Select Exec Separate Acct Pacific Life Ins), Participation Agreement (Pacific Select Exec Separate Acct Pacific Mutual Life Ins), Participation Agreement (M Fund Inc)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as its agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules Schedules 2 and 7 or with respect to any Shares that may be held in the general account of the Company). Receipt of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund’s prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if the Company transmits such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company shall pay for Shares on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 6:00 p.m. Eastern Time on the day the Fund is notified of the purchase request for Shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of other Portfolios effected pursuant to redemption requests tendered by the Company on behalf of an Account). 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) Payment for Shares redeemed by the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the Fund is properly notified of the redemption order of such Shares (unless redemption proceeds are to be applied to the purchase of Shares of other 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 to make payment in any manner permitted under the procedures and policies of the Fund as described in the then current registration statement. 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 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 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 7 contracts
Samples: Participation Agreement (Pacific Select Exec Separate Account of Pacific Life & Annui), Participation Agreement (Pacific Select Exec Separate Account of Pacific Life & Annui), Participation Agreement (Pacific Select Exec Separate Account of Pacific Life & Annui)
Purchase and Redemption Procedures. (a) The Fund Trust hereby appoints the Company as its an agent of the Trust for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares Trust shares that may be held in the general account of the Company)) for shares of those Series or Classes made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts, other transactions relating to the Contracts or the Account and customary processing of the Contracts. Receipt of any such request requests (or relevant transactional information therefor), effectuation of such transaction or processing) on any Business Day by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) Trust prior to the time that the Fund ordinarily calculates its net asset value Trust's close of business as described defined from time to time in the Fund’s prospectus applicable Prospectus for such Series or Class (which as of the date of execution of this Agreement is defined as the close of regular trading on the NYSENew York Stock Exchange (normally 4:00 p.m. New York Time)) shall constitute receipt by the Fund Trust on that same Business Day, provided that:
(i) if that the Company transmits Trust receives actual and sufficient notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 10:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern New York Time on the next following Business Day. With regard Such notice may be communicated by telephone to purchase the office or person designated for such notice by the Trust, and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received shall be confirmed by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset valuefacsimile.
(b) The Company shall pay for Shares shares of each Series or Class on the same day that it notifies provides actual notice to the Fund Trust of a purchase request for such Sharesshares. Payment for Shares Series or Class shares shall be made in federal Federal funds transmitted to the Fund Trust by wire to be received by the Fund Trust by 6:00 p.m. Eastern 12:00 noon New York Time on the day the Fund is notified Trust receives actual notice of the purchase request for Shares Series or Class shares (unless the Fund Trust determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Portfolios Series or Classes effected pursuant to redemption requests tendered by the Company on behalf of an the Account). In no event may proceeds from the redemption of shares requested pursuant to an order received by the Company after the Trust's close of business on any Business Day be applied to the payment for shares for which a purchase order was received prior to the Trust's close of business on such day. If the issuance of shares is canceled because Federal funds are not timely received, the Company shall indemnify the respective Fund and Distributor with respect to all costs, expenses and losses relating thereto. Upon the Trust's receipt of federal Federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the FundTrust.
(c) Payment for Shares Series or Class shares redeemed by the Account or the Company on behalf of an Account shall be made in federal Federal funds transmitted by wire to the Company or any other person properly designated person in writing by the Company, such funds normally to be transmitted by 6:00 p.m. New York Time on the next Business Day after the Fund is properly notified Trust receives actual notice of the redemption order of such Shares for Series or Class shares (unless redemption proceeds are to be applied to the purchase of Shares Trust shares of other Portfolios Series or Classes in accordance with Section 1.3(b2.3(b) of this Agreement), except that the Fund Trust reserves the right to delay payment of redemption proceeds to the extent permitted under Section 22(e) of by the 1940 Act and any rules or regulations or orders thereunder, and to make payment in any manner permitted under the procedures and policies of the Fund as described in the then current registration statement. 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 Shares Series or Class shares held or to be held in the Company’s 's general account shall be effected at the closing net asset value per Share share next determined after the Fund’s Trust's actual receipt of such request, provided that, in the case of a purchase request, payment for Shares Trust shares so requested is received by the Fund Trust in federal Federal funds prior to close of business for determination of such value, as defined from time to time in the Fund ProspectusProspectus for such Series or Class.
(e) Prior to the first purchase of any Trust shares hereunder, the Company and the Trust shall provide each other with all information necessary to effect wire transmissions of Federal funds to the other party and all other designated persons pursuant to such protocols and security procedures as the parties may agree upon. Should such information change thereafter, the Trust and the Company, as applicable, shall notify the other in writing of such changes, observing the same protocols and security procedures, at least three Business Days in advance of when such change is to take effect. The Company and the Trust shall observe customary procedures to protect the confidentiality and security of such information.
(f) The procedures set forth herein are subject to any additional requirements of applicable law.
Appears in 6 contracts
Samples: Participation Agreement (Commonwealth Annuity Separate Account A), Participation Agreement (Vel Ii Account of Allmerica Financial Life Ins & Ann Co), Participation Agreement (Sep Acct Va K Execannuity of Allmerica Fin Lfe Ins & Ann Co)
Purchase and Redemption Procedures. (a) The Fund Trust hereby appoints the Company as its an agent of the Trust for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares Trust shares that may be held in the general account of the Company)) for shares of those Series or Classes made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts, other transactions relating to the Contracts or the Account and customary processing of the Contracts. Receipt of any such request requests (or relevant transactional information therefor), effectuation of such transaction or processing) on any Business Day by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) Trust prior to the time that the Fund ordinarily calculates its net asset value Trust's close of business as described defined from time to time in the Fund’s prospectus applicable Prospectus for such Series or Class (which as of the date of execution of this Agreement is defined as the close of regular trading on the NYSENew York Stock Exchange (normally 4:00 p.m. New York Time)) shall constitute receipt by the Fund Trust on that same Business Day, provided that:
(i) if that the Company transmits Trust receives actual and sufficient notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 8:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern New York Time on the next following Business Day. With regard Such notice may be communicated by telephone to purchase the office or person designated for such notice by the Trust, and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received shall be confirmed by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset valuefacsimile.
(b) The Company shall pay for Shares shares of each Series or Class on the same day that it notifies provides actual notice to the Fund Trust of a purchase request for such Sharesshares. Payment for Shares Series or Class shares shall be made in federal Federal funds transmitted to the Fund Trust by wire to be received by the Fund Trust by 6:00 p.m. Eastern 12:00 noon New York Time on the day the Fund is notified Trust receives actual notice of the purchase request for Shares Series or Class shares (unless the Fund Trust determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Portfolios Series or Classes effected pursuant to redemption requests tendered by the Company on behalf of an the Account). In no event may proceeds from the redemption of shares requested pursuant to an order received by the Company after the Trust's close of business on any Business Day be applied to the payment for shares for which a purchase order was received prior to the Trust's close of business on such day. If the issuance of shares is canceled because Federal funds are not timely received, the Company shall indemnify the respective Fund and Distributor with respect to all costs, expenses and losses relating thereto. Upon the Trust's receipt of federal Federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the FundTrust. If Federal funds are not received on time, such funds will be invested, and Series or Class shares purchased thereby will be issued, as soon as practicable after actual receipt of such funds but in any event not on the same day that the purchase order was received.
(c) Payment for Shares Series or Class shares redeemed by the Account or the Company on behalf of an Account shall be made in federal Federal funds transmitted by wire to the Company or any other person properly designated person in writing by the Company, such funds normally to be transmitted by 6:00 p.m. New York Time on the next Business Day after the Fund is properly notified Trust receives actual notice of the redemption order of such Shares for Series or Class shares (unless redemption proceeds are to be applied to the purchase of Shares Trust shares of other Portfolios Series or Classes in accordance with Section 1.3(b2.3(b) of this Agreement), except that the Fund Trust reserves the right to redeem Series or Class shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of by the 1940 Act and Act, any rules or regulations or orders thereunder, and to make payment in any manner permitted under or the procedures and policies of the Fund as described in the then current registration statementapplicable 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 Shares Series or Class shares held or to be held in the Company’s 's general account shall be effected at the closing net asset value per Share share next determined after the Fund’s Trust's actual receipt of such request, provided that, in the case of a purchase request, payment for Shares Trust shares so requested is received by the Fund Trust in federal Federal funds prior to close of business for determination of such value, as defined from time to time in the Fund ProspectusProspectus for such Series or Class.
(e) Prior to the first purchase of any Trust shares hereunder, the Company and the Trust shall provide each other with all information necessary to effect wire transmissions of Federal funds to the other party and all other designated persons pursuant to such protocols and security procedures as the parties may agree upon. Should such information change thereafter, the Trust and the Company, as applicable, shall notify the other in writing of such changes, observing the same protocols and security procedures, at least three Business Days in advance of when such change is to take effect. The Company and the Trust shall observe customary procedures to protect the confidentiality and security of such information, but the Trust shall not be liable to the Company for any breach of security.
(f) The procedures set forth herein are subject to any additional terms set forth in the applicable Prospectus for the Series or Class or by the requirements of applicable law.
Appears in 6 contracts
Samples: Participation Agreement (Protective Variable Annuity Separate Account), Participation Agreement (Canada Life of America Variable Annuity Account 1), Fund Participation Agreement (Metropolitan Life Separate Account Ul)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as its agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s 's agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules Schedules 2 and 7 or with respect to any Shares that may be held in the general account of the Company). Receipt of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“"NYSE”") is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “"Business Day”") prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund’s 's prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if the Company transmits such request to the Fund via the National Securities Clearing Corporation’s 's (the “"NSCC”") Fund/SERV System and/or Defined Contribution Clearance & Settlement (“"DCC&S”") platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systemsDCC&S platform) and must be transmitted by the Company to the Fund in by the time and manner deadline designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company shall pay for Shares on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 6:00 p.m. Eastern Time on the day the Fund is notified of the purchase request for Shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of other Portfolios effected pursuant to redemption requests tendered by the Company on behalf of an Account). 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) Payment for Shares redeemed by the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the Fund is properly notified of the redemption order of such Shares (unless redemption proceeds are to be applied to the purchase of Shares of other 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 to make payment in any manner permitted under the procedures and policies of the Fund as described in the then current registration statement. 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 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 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.a.
Appears in 5 contracts
Samples: Participation Agreement (Genworth Life of New York VA Separate Account 1), Participation Agreement (Genworth Life & Annuity VL Separate Account 1), Participation Agreement (Genworth Life & Annuity VA Separate Account 1)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as its an agent of the Fund for the sole and limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares 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 by the Company, or its designated agent, as such limited agent of the fund of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, ) that is in good order on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its the net asset value per share of the Designated Portfolios pursuant to the rules of the SEC (a “Business Day”) prior to the time that the Fund ordinarily calculates its such net asset value values per share as described from time to time in the Fund’s prospectus 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 ordinarily as of the close of regular trading on the NYSENew York Stock Exchange, or 4:00 p.m. Eastern Time)(the “Valuation Time”) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if that the Company transmits Fund or its designated agent receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company Company, or its designated agent, 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 Shares purchased Designated Portfolio shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 6:00 4:00 p.m. Eastern Time on the day Business Day the Fund is notified of the purchase request for Shares Designated Portfolio shares (unless which request may be net of redemptions of such 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 shall promptly, upon the Fund’s request, reimburse the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of for any charges, costs, fees, interest or other Portfolios effected pursuant to redemption requests tendered expenses incurred by the Company on behalf 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 an Account)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) Payment for Shares Designated Portfolio shares redeemed by the Account or the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other person duly designated person on by the Company no later than the next Business Day after the Fund is properly notified of the redemption order of such Shares shares (unless redemption proceeds are to which order may be applied to the net of any purchase of Shares of other Portfolios in accordance with Section 1.3(borders) 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 the Rule or Rules thereunder, and to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then current registration statementstatutory 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 Shares Designated Portfolio shares held or to be held in the Company’s general account shall be effected at the closing net asset value per Share share next determined after the Fund’s receipt of such requestrequest in good order, provided that, in the case of a purchase request, payment for Shares Fund 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 statutory prospectus.
(e) 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. The Fund shall use its best efforts to make the net asset value per share for each Designated Portfolio (or class thereof) available to the Company by 7:00 p.m. Eastern Time each Business Day, and in any event, as soon as reasonably practicable after the net asset value per share for such Designated Portfolio or class thereof is calculated, and shall calculate such net asset value in accordance with the Fund’s statutory prospectus. None of the Fund, any Designated Portfolio, the Distributor, or any of their affiliates shall be liable for any information provided to the Company pursuant to this Agreement which information is based on incorrect information supplied by the Company or any other Participating Insurance Company to the Fund or the Distributor.
(f) In the event that the parties’ trades are placed through the National Securities Clearing Corporation (“NSCC”), the terms of the Networking Agreement between the Company and the Distributor shall govern such trades. To the extent that such Networking Agreement or applicable rules and procedures of the NSCC incorporated therein (collectively, the “NSCC Terms”), conflict with the terms of this Section 1.3, such NSCC Terms shall prevail.
Appears in 4 contracts
Samples: Participation Agreement (Virtus Variable Insurance Trust), Participation Agreement (Virtus Variable Insurance Trust), Participation Agreement (First Symetra National Life Insurance Co of Ny Sep Acct S)
Purchase and Redemption Procedures. (a) The For purposes of Section 2.1, 2.2, and 2.3, the Fund hereby appoints the Company as its agent designee of the Fund for the limited purpose of receiving purchase and redemption requests on behalf for shares of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, Fund based on allocations of amounts to such Accounts the Account or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf arising out of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares that may be held in the general account of the Company)Contracts. Receipt of any such request (or relevant transactional information therefor), ) on any Business Day by the Company as such limited agent designee of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) prior to the time that the Fund ordinarily calculates its net asset value Fund's close of business as described defined from time to time in the Fund’s prospectus Fund Prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE4 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if that the Company transmits Fund receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 10:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company shall pay for Shares shares of each Series on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Shares Series shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 6:00 p.m. 11:00 a.m. Eastern Time on the day the Fund is notified of the purchase request for Shares Series shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Portfolios Series effected pursuant to redemption requests tendered by the Company on behalf of an the Account). Upon receipt of If federal funds so wiredare not received on time, such funds shall cease to will be the responsibility of the Company invested, and shall become the responsibility of the FundSeries shares purchased thereby will be issued, as soon as practicable.
(c) Payment for Shares Series shares redeemed by the Account or the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the Fund is properly notified of the redemption order of such Shares Series shares (unless redemption proceeds are to be applied to the purchase of Shares Fund shares of other Portfolios Series in accordance with Section 1.3(b2.4(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 to make payment in any manner permitted under the procedures and policies of the Fund as described in the then current registration statement0000 Xxx. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Companyproceeds; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request requests for Shares held Fund shares that do not result directly from transactions relating to the Contracts or to be held in the Company’s general account Account shall be effected at the closing net asset value per Share share next determined after the Fund’s 's receipt of such request, provided that, in the case of a purchase request, payment for Shares 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 (Pacific Select Exec Separate Acct Pacific Life Ins), Participation Agreement (Pacific Select Exec Separate Acct Pacific Life Ins), Participation Agreement (Pacific Select Exec Separate Acct Pacific Life Ins)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as its an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, Account (but not with respect to any Fund shares that may be held in the general account of the Company) for the Shares made available hereunder, based on allocations of amounts to such Accounts the Account or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such the Contracts or such the Account. All transactions in Account shares shall be executed through the Omnibus Accounts of Company's affiliate Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx, Inc. ("Omnibus Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares that may be held in the general account of the Company"). Receipt of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, ) on any day the New York Stock Exchange (“NYSE”) 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’s prospectus Fund Prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if that the Company transmits Fund receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if in the parties are not able to transmit or receive information through Fund/SERV (e.g., event of systems issues necessitating later delivery of such purchase and redemption requests by fax), such request must be received by the Fund by 11:30 11 a.m. Eastern Time on the next following Business Day. With regard to Company and Fund understand that it is the intent of the parties that Fund receive purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received Company on behalf of the Account by it 7:00 a.m. Eastern Time on the next following Business Day. Company will provide to the Fund or its duly designated agent designee via the NSCC Fund SERV DCC & S platform (which utilizes the "as of" record layout within Fund/SERV) one or more files detailing the instructions received with respect to each Plan prior to 4:00 p.m. ET on the prior Business Day before for each of the time(sFunds. If for any reason Xxxxxxx Xxxxx is unable to transmit the file(s) that with respect to any Business Day, Xxxxxxx Xxxxx will notify the Fund calculates or its net asset valuedesignee by 10:00 a.m. ET on the next following Business Day.
(b) The Company shall pay for Shares on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Shares shall be made in federal funds transmitted to the Fund by wire via the NSCC Fund/SERV DCC&S platform to be received by the Fund by 6:00 6:30 p.m. Eastern Time on the day the Fund is notified of the purchase request for Shares (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 an the Account). Upon receipt of federal funds so wiredtransmitted via the NSCC Fund/SERV DCC&S platform, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund. Notwithstanding any provision of this Agreement to the contrary, for purchase and redemption instructions with respect to any Shares, Company and the Fund will settle the purchase and redemption transactions referred to herein, via the NSCC Fund/SERV platform settlement process on the next Business Day following the effective trade date.
(c) Payment for Shares redeemed by the Account or the Company on behalf of an Account shall be made in federal funds transmitted by wire via the NSCC Fund/SERV DCC&S platform to the Company or any other designated person on the next Business Day after the Fund is properly notified of the redemption order of such Shares (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), except that the Fund reserves the right to redeem 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 Rules thereunder, and to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then current registration statementprospectus. 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 Shares held or to be held in the Company’s 's general account shall be effected at the closing net asset value per Share share next determined after the Fund’s 's receipt of such request, provided that, request as set forth in the case of a purchase request, payment for 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 ProspectusSection 1.3(a) herein.
Appears in 3 contracts
Samples: Participation Agreement (Ml of New York Variable Annuity Separate Account D), Participation Agreement (Ml of New York Variable Annuity Separate Account D), Participation Agreement (Merrill Lynch Life Variable Annuity Separate Account D)
Purchase and Redemption Procedures. (a) The Fund parties agree to place and settle trades for shares through the National Securities Clearing Corporation (“NSCC”). The Trust hereby appoints the Company as its an agent of the Trust for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares Trust shares that may be held in the general account of the Company)) for shares of those 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 therefortherefore) on any day the New York Stock Exchange is open for trading and on which a Fund calculates its net asset value (a “Business Day”) pursuant to the rules of the Securities and Exchange Commission (“SEC”), by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) Trust prior to the time that the Fund Trust ordinarily calculates its net asset value as described from time to time in the FundTrust’s prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE) shall constitute receipt and acceptance by the Fund on that same Business Day, provided that:.
(ib) if the Company transmits such request will communicate to the Fund via Trust purchases and redemptions orders of the Funds through the National Securities Clearing Corporation’s Corporation (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by NSCC Cycle 8. If the NSCC is unavailable for any reason, and Company is unable to communicate such orders by NSCC Cycle 8, it shall follow the procedure for manual trades set forth herein in Section 1.4(d).
(c) To the deadline for receipt of requests via its systems) and must be transmitted extent that trades are submitted by NSCC, the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 Rules & Procedures Manual of the 1940 Act (which NSCC, as of the date of execution amended from time to time, is hereby made a part of this Agreement as if fully set forth herein and shall be a part of each trade cleared. The Parties represent that they, or an affiliate and/or agent, are in the process of applying to be, members of the NSCC.
(d) In the event that Company is 9:00 unable to place and settle trades through the NSCC, Company will calculate and forward net orders through a trade file in a mutually agreed upon format via SFTP by 8:30 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(be) The Payment for trades submitted through the NSCC will be settled through the NSCC.
(f) For manual trades, the Company shall pay for Shares net orders of each Fund on the same day Business Day that it notifies the Fund Trust of a purchase request for such Sharesshares. Payment for Shares Fund 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 6:00 p.m. Eastern Time close of the Federal Reserve wire system on the day Business Day the Fund Trust is notified of the purchase request for Shares Fund shares (unless the Fund Trust determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Portfolios Funds effected pursuant to redemption requests tendered by the Company on behalf of an 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 Trusts are not received on time, such Trusts will be invested, and Fund shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Trust’s request, reimburse the Trust for any charges, costs, fees, interest or other expenses incurred by the Trust in connection with any advances to, or borrowing or overdrafts by, the Trust, or any similar expenses incurred by the Trust, as a result of Fund transactions effected by the Trust based upon such purchase request. Upon receipt of federal funds Trusts so wired, such funds Trusts shall cease to be the responsibility of the Company and shall become the responsibility of the FundTrust.
(cg) Payment For manual trades, payment for Shares net Fund shares redeemed by the Account or the Company on behalf of an Account shall be made by the Trust in federal funds Trusts transmitted by wire to the Company or any other designated person by the close of the Federal Reserve wire system on the next same Business Day after the Fund Trust is properly notified of the redemption order of such Shares shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Portfolios Funds in accordance with Section 1.3(b1.4(f)) of this Agreement), except that the Fund 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 to make payment in any manner permitted under accordance with the procedures and policies of the Fund Trust as described in the then then-current registration statementprospectus. 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 Shares Fund shares held or to be held in the Company’s general account shall be effected at the closing net asset value per Share share next determined after the FundTrust’s receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Shares Trust shares so requested is received by the Fund Trust in federal funds Trusts prior to close of business for determination of such value, as defined from time to time in the Fund ProspectusTrust’s prospectus.
Appears in 3 contracts
Samples: Participation Agreement (SBL Variable Annuity Account Xiv), Participation Agreement (Variable Annuity Account A), Participation Agreement (Lincoln Variable Insurance Products Trust)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as its agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s 's agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares that may be held in the general account of the Company). Receipt of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“"NYSE”") is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “"Business Day”") prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund’s 's prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if the Company transmits such request to the Fund via the National Securities Clearing Corporation’s 's (the “"NSCC”") Fund/SERV System and/or Defined Contribution Clearance & Settlement (“"DCC&S”") platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systemsDCC&S platform) and must be transmitted by the Company to the Fund in by the time and manner deadline designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company shall pay for Shares on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 6:00 p.m. Eastern Time on the day the Fund is notified of the purchase request for Shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of other Portfolios effected pursuant to redemption requests tendered by the Company on behalf of an Account). 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) Payment for Shares redeemed by the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the Fund is properly notified of the redemption order of such Shares (unless redemption proceeds are to be applied to the purchase of Shares of other 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 to make payment in any manner permitted under the procedures and policies of the Fund as described in the then current registration statement. 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 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 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.a.
Appears in 3 contracts
Samples: Participation Agreement (Genworth Life & Annuity VA Separate Account 1), Participation Agreement (Genworth Life of New York VA Separate Account 1), Participation Agreement (Genworth Life & Annuity VA Separate Account 2)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as its an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares 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 and acceptance of any such request (or relevant transactional information therefor), ) on any day the New York Stock Exchange is open for trading and on which a Designated Portfolio calculates its net asset value (a “Business Day”) pursuant to the rules of the Securities and Exchange Commission (“SEC”) by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund’s prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE4:00p.m. Eastern Time) shall constitute receipt and acceptance by the Fund Designated Portfolio on that same Business Day. To facilitate the Designated Portfolios’ daily trading practices, provided that:
the Company (i) if shall provide the Fund with daily net aggregate trade and other information relating to the Designated Portfolios at times and in the manner specified by the Fund, with respect to which the Company transmits such request to shall hold the Fund via and the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platformAdviser harmless from any liability resulting from reliance on such daily net aggregate trade information, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by shall provide the Fund by 11:30 a.m. 9:00a.m Eastern Time time on the next following Business Day with a final report of the previous Business Day. With regard ’s transaction information related to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset valueDesignated Portfolios.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies Business Day following the Fund Company’s receipt and acceptance, in its capacity as limited agent of the Fund, of a purchase request for such Sharesshares. Payment for Shares Designated Portfolio shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 6:00 p.m. 2:00p.m. Eastern Time on the day Business Day following Company’s receipt and acceptance, in its capacity as limited agent of the Fund is notified Fund, of the purchase request for Shares Designated Portfolio 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 an 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) Payment for Shares Designated Portfolio shares redeemed by the Account or the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the Fund is properly notified of the redemption order of such Shares shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Portfolios Designated 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(e22( e) of the 1940 Act and any rules Rules thereunder, and to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then current registration statementprospectus. 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 Shares Designated Portfolio shares held or to be held in the Company’s general account shall be effected at the closing net asset value per Share share next determined after the Fund’s receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Shares 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 ProspectusFund’s prospectus.
Appears in 2 contracts
Samples: Participation Agreement (Separate Account No. 70), Participation Agreement (Separate Account No. 70)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as its agent a designee of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares 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 and acceptance of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, ) on any day the New York Stock Exchange (“NYSE”) 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 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’s prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE4:00 p.m. Eastern Time) shall constitute receipt and acceptance by the Fund Designated Portfolio on that same Business Day. To facilitate the Designated Portfolios’ daily trading practices, provided that:
the Company (i) if shall provide the Company transmits such request Fund with daily net aggregate trade and other information relating to the Fund via Designated Portfolios at times and in the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received manner specified by the Company by Fund prior to the close of regular trading business on the NYSE (or such reasonably earlier time designated by each Business Day, with respect to which the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to shall hold the Fund in and the time Adviser harmless from any liability resulting from reliance on such daily net aggregate trade information, and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by shall provide the Fund by 11:30 a.m. 9:00 a.m Eastern Time time on the next following Business Day with a final report of the previous Business Day. With regard ’s transaction information related to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset valueDesignated Portfolios.
(b) The Company shall pay for Shares shares of each Designated Portfolio on the same day that it notifies Business Day following the Fund Company’s receipt and acceptance, in its capacity as designee of the Fund, of a purchase request for such Sharesshares. Payment for Shares Designated Portfolio shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 6:00 2:00 p.m. Eastern Time on the day Business Day following Company’s receipt and acceptance, in its capacity as designee of the Fund is notified Fund, of the purchase request for Shares Designated Portfolio 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 an 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) Payment for Shares Designated Portfolio shares redeemed by the Account or the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the Fund is properly notified of the redemption order of such Shares shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Portfolios Designated 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 Rules thereunder, and to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then current registration statementprospectus. 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 Shares Designated Portfolio shares held or to be held in the Company’s general account shall be effected at the closing net asset value per Share share next determined after the Fund’s receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Shares 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 ProspectusFund’s prospectus.
Appears in 2 contracts
Samples: Participation Agreement (KILICO Variable Annuity Separate Account - 3), Participation Agreement (KILICO Variable Annuity Separate Account - 3)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as its agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules Schedule 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares that may be held in the general account of the Company). Receipt of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“"NYSE”") is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “"Business Day”") prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund’s 's prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if the Company transmits such request to the Fund via the National Securities Clearing Corporation’s 's (the “"NSCC”") Fund/SERV System and/or Defined Contribution Clearance & Settlement (“"DCC&S”") platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systemsDCC&S platform) and must be transmitted by the Company to the Fund in by the time and manner deadline designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company shall pay for Shares on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 6:00 p.m. Eastern Time on the day the Fund is notified of the purchase request for Shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of other Portfolios effected pursuant to redemption requests tendered by the Company on behalf of an Account). 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) Payment for Shares redeemed by the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the Fund is properly notified of the redemption order of such Shares (unless redemption proceeds are to be applied to the purchase of Shares of other 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 to make payment in any manner permitted under the procedures and policies of the Fund as described in the then current registration statement. 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 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 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.a.
Appears in 2 contracts
Samples: Participation Agreement (Genworth Life & Annuity VA Separate Account 1), Participation Agreement (Genworth Life of New York VA Separate Account 1)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as its an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares Fund shares that may be held in the general account of the Company)) for shares of those 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 therefor)therefore) on any day the New York Stock Exchange is open for trading and on which a Portfolio calculates its net asset value (a “Business Day”) pursuant to the rules of the SEC, by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund’s prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE) shall constitute receipt and acceptance by the Fund Portfolio on that same Business Day, provided that:
(i) if that the Company transmits Fund receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 9:30 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company shall pay for Shares shares of each Portfolio on the same day Business Day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Shares Portfolio shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 6:00 3:00 p.m. Eastern Time on the day Business Day the Fund is notified of the purchase request for Shares Portfolio shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Portfolios effected pursuant to redemption requests tendered by the Company on behalf of an 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 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) Payment for Shares Portfolio shares redeemed by the Account or the Company on behalf of an Account 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 next same Business Day after the Fund is properly notified of the redemption order of such Shares shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other 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 to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then then-current registration statement. 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 actionprospectus.
(d) Any purchase or redemption request for Shares Portfolio shares held or to be held in the Company’s general account shall be effected at the closing net asset value per Share share next determined after the Fund’s receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Shares 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 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 its an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares 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 and acceptance of any such request (or relevant transactional information therefor), ) on any day the New York Stock Exchange and Chicago Mercantile Exchange are open for trading and on which a Designate Portfolio calculates its net asset value (a "Business Day") pursuant to the rules of the Securities and Exchange Commission ("SEC") by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund’s 's prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE4:00 p.m. Eastern Time) shall constitute receipt and acceptance by the Fund Designated Portfolio on that same Business Day. To facilitate the Designated Portfolios' daily trading practices, provided that:
(i) if the Company transmits such request shall provide the Fund with daily net aggregate trade and other information relating to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received Designated Portfolios at times specified by the Company by Fund prior to the close of regular trading business on the NYSE (or such reasonably earlier time designated by each Business Day, with respect to which the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to shall hold the Fund in and the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 a.m. Eastern Time Adviser harmless from any liability resulting from reliance on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset valueinformation.
(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 Shares Designated Portfolio shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 6:00 3:00 p.m. Eastern Time on the day the Fund is notified of the purchase request for Shares Designated Portfolio 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 an 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) Payment for Shares Designated Portfolio shares redeemed by the Account or the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the Fund is properly notified of the redemption order of such Shares shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Portfolios Designated 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 Rules thereunder, and to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then current registration statementprospectus. 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 Shares Designated Portfolio shares held or to be held in the Company’s 's general account shall be effected at the closing net asset value per Share 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 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 (Pruco Life Flexible Premium Variable Annuity Account), Participation Agreement (Pruco Life Inurance Co of New Jersey FLXBL Prmium Var Ann Ac)
Purchase and Redemption Procedures. (a) The Parties agree to communicate, process and settle purchase and redemption transactions for shares via the Fund/SERV and Networking systems of the National Securities Clearing Corporation ("NSCC"). The Fund hereby appoints the Company as its an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares Fund shares that may be held in the general account of the Company)) for Fund shares 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 therefor), by the Company as such limited agent of the Fund, ) on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value ("Close of Trading") 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’s prospectus Fund Prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that:
that (i) if transaction instructions relating to the Account or subaccounts thereof are received in proper form by the Company transmits by the Close of Trading on that Business Day and (ii) such request is transmitted to the Fund via the National Securities Clearing Corporation’s (NSCC by the “NSCC”) latest time trades are accepted by Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be SERV. Instructions received in proper form by the Company by at or after the close Close of regular trading Trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must any given Business Day shall be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which treated as of the date of execution of this Agreement is 9:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to "Fund/SERV" shall mean NSCC's system for automated, centralized processing of mutual fund purchase and redemptions of Shares under this Section 1.3(a)redemption orders, the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company shall pay for Shares on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 6:00 p.m. Eastern Time on the day the Fund is notified of the purchase request for Shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of other Portfolios effected pursuant to redemption requests tendered by the Company on behalf of an Account). 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) Payment for Shares redeemed by the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the Fund is properly notified of the redemption order of such Shares (unless redemption proceeds are to be applied to the purchase of Shares of other 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 thereundersettlement, and account registration. "Networking" shall mean NSCC's system that allows mutual funds and life insurance companies to make payment in any manner permitted under the procedures and policies of the Fund as described in the then current registration statement. 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 actionexchange account level information electronically.
(d) Any purchase or redemption request for 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 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 (Merrill Lynch Life Variable Annuity Separate Account A), Participation Agreement (Ml of New York Variable Annuity Separate Account A)
Purchase and Redemption Procedures. (a) The Distributor on behalf of each Fund hereby appoints the Company as its an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares Fund shares that may be held in the general account of the Company)) for shares of those 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 therefortherefore) on any day the New York Stock Exchange is open for trading and on which a Portfolio calculates its net asset value (a “Business Day”) pursuant to the rules of the Securities and Exchange Commission (“SEC”), by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund’s prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE) shall constitute receipt and acceptance by the Fund Portfolio on that same Business Day, provided that:
(i) if that the Company transmits Distributor or its designee receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 9:30 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company shall pay for Shares shares of each Portfolio on the same day Business Day that it notifies the Distributor, on behalf of each Fund of a purchase request for such Sharesshares. Payment for Shares Portfolio shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by prior to the closing of the New York Stock Exchange, when the Fund determines its net asset value in accordance with its then current prospectus, (typically by 6:00 4:00 p.m. Eastern Time Time) on the day Business Day the Fund is notified of the purchase request for Shares (Portfolio shares ( unless the Distributor on behalf of the Fund otherwise determines and so advises the Company that sufficient proceeds are available from redemption to delay the date of Shares of other Portfolios effected pursuant payment, to redemption requests tendered by the Company on behalf of an Accountextent the Fund may do so under the 1940 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) Payment for Shares Portfolio shares redeemed by the Account or the Company on behalf of an Account shall be made by the Distributor or its designee in federal funds transmitted by wire to the Company or any other designated person after the close of the New York Stock Exchange when the Fund determines its net asset value in accordance with the Fund’s then current prospectus ( typically 4:00 p.m. Eastern Time), but in no event later than 6:00 p.m. Eastern Time, on the next same Business Day after the Fund Distributor or its designee is properly notified of the redemption order of such Shares (unless redemption proceeds are to be applied to the purchase of Shares of other Portfolios in accordance with Section 1.3(b) of this Agreement)shares, except that the Distributor on behalf of 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 to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then then-current registration statement. 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 actionprospectus.
(d) Any purchase or redemption request for Shares Portfolio shares held or to be held in the Company’s general account shall be effected at the closing net asset value per Share share next determined after the FundDistributor or its designee’s receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Shares Fund shares so requested is received by the Fund Distributor or its designee 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 each Company as its an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf for shares of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, Fund based on allocations of amounts to such the Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf arising out of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares that may be held in the general account of the Company)Contracts. Receipt of any such request (or relevant transactional information therefor), therefore) on any Business Day by the any Company as such limited agent of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) prior to the time that the Fund ordinarily calculates its net asset value Fund's close of business, as described defined from time to time in the Fund’s prospectus Fund Prospectus. (which as of the date of execution of this Agreement is the close of regular trading on the NYSE4 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if that the Company transmits Fund receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 10:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Each Company shall pay for Shares shares of each Series on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Shares Series shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 6:00 p.m. 11:00 a.m. Eastern Time on the day the Fund is notified of the purchase request for Shares Series shares (unless the Fund determines and so advises the such Company that sufficient proceeds are available from redemption of Shares shares of other Portfolios Series effected pursuant to redemption requests tendered by the such Company on behalf of an the Account). Upon receipt of If federal funds so wiredare not received on time, such funds shall cease to will be the responsibility of the Company invested, and shall become the responsibility of the FundSeries shares purchased thereby will be issued, as soon as practicable.
(c) Payment for Shares Series shares redeemed by the any Account or any Company on behalf of an Account shall be made in federal funds transmitted by wire to the such Company or any other designated person on the next Business Day after the Fund is properly notified of the redemption order of such Shares Series shares (unless redemption proceeds are to be applied to the purchase of Shares Fund shares of other Portfolios Series in accordance with Section 1.3(b2.3(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 to make payment in any manner permitted under the procedures and policies of the Fund as described in the then current registration statement0000 Xxx. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Companyproceeds; the each Company alone shall be responsible for such action.
(d) Any purchase or redemption request requests for Shares held Fund shares that do not result directly from transactions relating to the Contracts or to be held in the Company’s general account Account shall be effected at the closing net asset value per Share share next determined after the Fund’s 's receipt of such request, provided that, in the case of a purchase request, payment for Shares 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 (Hancock John Variable Annuity Account H), Participation Agreement (Hancock John Variable Annuity Account H)
Purchase and Redemption Procedures. The Company, the Fund and the Underwriter, or their appropriate designee, will participate in Fund/SERV with respect to transactions for each account, pursuant to NSCC's operating procedures. The parties acknowledge that they (or their appropriate designee) are NSCC participants with executed agreements with the NSCC and, as such, are governed by NSCC operating procedures and rules. The Company further acknowledges that NSCC processing for the Funds is the obligation and duty of the Funds' transfer agent, Boston Financial Data Services, Inc., pursuant to a contractual agreement.
(a) The Fund hereby appoints the Company as its an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but but. not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares 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 and acceptance of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, ) on any day the New York Stock Exchange (“NYSE”) 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’s prospectus Fund Prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE4:00 p.m. Eastern Time) shall constitute receipt and acceptance by the Fund on that same Business Day, provided that:
(i) if that the Company transmits Fund or its designated agent receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company shall pay for Shares on shares of each Designated Portfolio no later than the same day that first Business Day after it notifies the Fund of a purchase request for such Sharesshares. Payment for Shares Designated Portfolio shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 6:00 4:00 p.m. Eastern Time on the day first Business Day the Fund is notified of the purchase request for Shares Designated Portfolio shares (unless which request may be net of redemptions of 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 shall promptly, upon the Fund's request, reimburse the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of for any charges, costs, fees, interest or other Portfolios effected pursuant to redemption requests tendered expenses incurred by the Company on behalf 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 an Account)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) Payment for Shares Designated Portfolio shares redeemed by the Account or the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the Fund is properly notified of the redemption order of such Shares shares (unless redemption proceeds are to which order shall be applied to the net of any purchase of Shares of other Portfolios in accordance with Section 1.3(borders) 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 Rules thereunder, and to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then current registration statementprospectus 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 The Company shall not redeem Fund shares attributable to the Contracts 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 request for Shares held or pursuant to be held clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the Company’s general account terms of the Contracts, the Company shall be effected at not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the closing Contracts without first giving the Fund 45 days notice of its intention to do so.
1.3. The Fund shall use its best efforts to make the net asset value per Share next determined share for each Designated Portfolio available to the Company by 7:00 p.m. Eastern Time each Business Day, and in any event, as soon as reasonably practicable after the net asset value per share for such Designated Portfolio is calculated, and shall calculate such net asset value in accordance with the Fund’s receipt 's Prospectus. Neither the Fund, any Designated Portfolio, the Underwriter, nor any of their affiliates shall be liable for any information provided to the Company pursuant to this Agreement which information is based on incorrect information supplied by the Company or any other Participating Insurance Company to the Fund or the Underwriter.
1.4. The Fund shall furnish notice (by wire or telephone followed by written confirmation) to the Company as soon as reasonably practicable of any income dividends or capital gain distributions payable on any Designated Portfolio shares. The Company, on behalf of the Account, hereby elects to receive all such dividends and distributions as are payable on any Designated Portfolio shares in the form of additional shares of that Designated Portfolio. The Company reserves the right, on behalf of the Account, to revoke this election and to receive all such dividends and capital gain distributions in cash. The Fund shall notify the Company promptly of the number of Designated Portfolio shares so issued as payment of such requestdividends and distributions.
1.5. Issuance and transfer of Fund shares shall be by book entry only. Share certificates will not be issued to the Company or the Account. Purchase and redemption orders for Fund shares shall be recorded in an appropriate ledger for the Account or the appropriate subaccount of the Account.
(a) The parties hereto acknowledge that the arrangement contemplated by this Agreement is not exclusive; the Fund's shares may be sold to other insurance companies (subject to Section 1.8 hereof) and the cash value of the Contracts may be invested in other investment companies, provided thatprovided, in however, that until this Agreement is terminated pursuant to Article IX, the case Company shall promote the Designated Portfolios on the same basis as other funding vehicles available under the Contracts.
(b) The Company shall not, without prior notice to the Fund (unless otherwise required by applicable law), take any action to operate the Account as a management investment company under the 1940 Act.
(c) The Company shall not, without prior notice to the Fund (unless otherwise required by applicable law), induce Contract owners to change or modify the Fund or change the Fund's distributor or investment adviser.
(d) The Company shall not, without prior notice to the Fund, induce Contract owners to vote on any matter submitted for consideration by the shareholders of a purchase request, payment for Shares so requested is received by the Fund in federal funds prior a manner other than as recommended by the Board of Trustees of the Fund.
1.7. The Company acknowledges that, pursuant to close of business for determination of such valueForm 24F-2, as defined from time to time in the Fund Prospectusis not required to pay fees to the SEC for registration of its shares under the 1933 Act with respect to its shares issued to an Account that is a unit investment trust that offers interests that are registered under the 1933 Act and on which a registration fee has been or will be paid to the SEC (a "Registered Account"). The Company agrees to provide the Fund or its agent each year within 60 days of the end of the Fund's fiscal year, or when reasonably requested by the Fund, information as to the number of shares purchased by a Registered Account and any other Account the interests of which are not registered under the 0000 Xxx. The Company acknowledges that the Fund intends to rely on the information so provided.
Appears in 2 contracts
Samples: Participation Agreement (Principal Life Insurance Co Variable Life Sep Account), Participation Agreement (Principal Life Insurance Co Variable Life Sep Account)
Purchase and Redemption Procedures. In addition to the terms identified in this Section 1.3, the Trust and Company may also execute orders according to the terms of the NSCC Operating Agreement (or other agreed upon means including via NSCC).
(a) The Fund Trust hereby appoints the Company as its an agent of the Trust for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares Trust 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 and acceptance of any such request (or relevant transactional information therefor) on any day the New York Stock Exchange is open for trading and on which a Designated Portfolio calculates its net asset value (a "Business Day") pursuant to the rules of the Securities and Exchange Commission ("SEC"), by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) Trust prior to the time that the Fund Trust ordinarily calculates its net asset value as described from time to time in the Fund’s Trust's prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE) shall constitute receipt and acceptance by the Fund Designated Portfolio on that same Business Day, provided that:
(i) if that the Company transmits Trust receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 9:30 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(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 Shares Designated Portfolio 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 6:00 3:00 p.m. Eastern Time on the day Business Day the Fund Trust is notified of the purchase request for Shares Designated Portfolio 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 an 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 purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Trust's request, reimburse the Trust for any charges, costs, fees, interest or other expenses incurred by the Trust in connection with any advances to, or borrowing or overdrafts by, the Trust, or any similar expenses incurred by the Trust, as a result of portfolio transactions effected by the 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) Payment for Shares Designated Portfolio shares redeemed by the Account or the Company on behalf of an Account 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 next same Business Day after the Fund Trust is properly notified of the redemption order of such Shares 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 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 to make payment in any manner permitted under accordance with the procedures and policies of the Fund Trust as described in the then then-current registration statement. 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 actionprospectus.
(d) Any purchase or redemption request for Shares Designated Portfolio shares held or to be held in the Company’s 's general account shall be effected at the closing net asset value per Share 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 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.
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 its an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares Fund shares that may be held in the general account of the Company)) for shares of those 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 therefor)therefore) on any day the New York Stock Exchange is open for trading and on which a Portfolio calculates its net asset value (a “Business Day”) pursuant to the rules of the SEC, by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund’s prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE) shall constitute receipt and acceptance by the Fund Portfolio on that same Business Day, provided that:
(i) if that the Company transmits Fund receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 9:30 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company shall pay for Shares shares of each Portfolio on the same day Business Day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Shares Portfolio shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 6:00 3:00 p.m. Eastern Time on the day Business Day the Fund is notified of the purchase request for Shares Portfolio shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Portfolios effected pursuant to redemption requests tendered by the Company on behalf of an 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 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) Payment for Shares Portfolio shares redeemed by the Account or the Company on behalf of an Account 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 next same Business Day after the Fund is properly notified of the redemption order of such Shares shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other 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 to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then then-current registration statement. 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 actionprospectus.
(d) Any purchase or redemption request for Shares Portfolio shares held or to be held in the Company’s general account shall be effected at the closing net asset value per Share share next determined after the Fund’s receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Shares 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 ProspectusFund’s prospectus.
Appears in 2 contracts
Samples: Participation Agreement (Variable Annuity Account A), Participation Agreement (Variable Annuity Account A)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as its an agent of the Fund for the sole and limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares 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 by the Company as such limited agent of the fund of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, ) that is in good order on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its the net asset value per share of the Designated Portfolios pursuant to the rules of the SEC (a “Business Day”) prior to the time that the Fund ordinarily calculates its such net asset value values per share as described from time to time in the Fund’s prospectus 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 ordinarily as of the close of regular trading on the NYSENew York Stock Exchange, or 4:00 p.m. Eastern Time)(the “Valuation Time”) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if that the Company transmits Fund or its designated agent receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 a.m. Eastern Time on the next following Business Day. In the event that the parties’ trades are placed through NSCC/DTCC, the terms of the Networking Agreement between the Company and the Distributor shall govern such trades. To the extent that such Networking Agreement or applicable rules and procedures of the NSCC incorporated therein (collectively, the “NSCC Terms”); or
(ii) If there are technical problems , conflict with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by faxterms of this Paragraph 1.3(a), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset valueNSCC Terms shall prevail.
(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 Shares purchased Designated Portfolio shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 6:00 4:00 p.m. Eastern Time on the day Business Day the Fund is notified of the purchase request for Shares Designated Portfolio shares (unless which request may be net of redemptions of such shares). If federal funds are not transmitted 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 determines and so advises the Company that sufficient proceeds are available from redemption of Shares of for any reasonable charges, costs, fees, interest or other Portfolios effected pursuant to redemption requests tendered expenses incurred by the Company on behalf 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 an Account)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. In the event that the parties’ trades are placed through NSCC/DTCC, the terms of the Networking Agreement between the Company and the Distributor shall govern such trades. To the extent that the NSCC Terms conflict with the terms of this Paragraph 1.3(b), such NSCC Terms shall prevail.
(c) Payment for Shares Designated Portfolio shares redeemed by the Account or the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other person duly designated person by the Company on the next Business Day after the Fund is properly notified of the redemption order of such Shares shares (unless redemption proceeds are to which order may be applied to the net of any purchase of Shares of other Portfolios in accordance with Section 1.3(borders) 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 the Rule or Rules thereunder, and to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then current registration statementstatutory prospectus and/or statement of additional information (“SAI”). If redemption proceeds are not transmitted on time, the Fund shall promptly, upon the Company’s request, reimburse the Company for any reasonable charges, costs, fees, interest or other expenses incurred by the Company in connection with any advances to, or borrowing or overdrafts by, the Company, or any similar expenses incurred by the Company, as a result of the Fund’s failure to timely provide redemption proceeds. 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 Shares Designated Portfolio shares held or to be held in the Company’s general account shall be effected at the closing net asset value per Share share next determined after the Fund’s receipt of such requestrequest in good order, provided that, in the case of a purchase request, payment for Shares Fund 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 statutory prospectus.
(e) 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 30 days notice of its intention to do so. The Fund shall use its best efforts to make the net asset value per share for each Designated Portfolio (or class thereof) available to the Company by 7:00 p.m. Eastern Time each Business Day, and in any event, as soon as reasonably practicable after the net asset value per share for such Designated Portfolio or class thereof is calculated, and shall calculate such net asset value in accordance with the Fund’s statutory prospectus. None of the Fund, any Designated Portfolio, the Distributor, or any of their affiliates shall be liable for any information provided to the Company pursuant to this Agreement which information is based on incorrect information supplied by the Company or any other Participating Insurance Company to the Fund or the Distributor.
Appears in 2 contracts
Samples: Participation Agreement (Jefferson National Life of New York Annuity Account 1), Participation Agreement (Jefferson National Life Annuity Account G)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as its an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares the Fund shares that may be held in the general account of the Company)) for shares of those 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 therefor), by the Company as such limited agent of the Fund, ) on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the 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’s prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE) shall constitute receipt and acceptance by the Fund on that same Business Day, provided that:
(i) if that the Company transmits Fund receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 9:30 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company shall pay for Shares shares of each Fund on the same day Business Day that it notifies the Fund of a purchase request for such Sharesshares. Payment for 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 6:00 3:00 p.m. Eastern Time on the day Business Day the Fund is notified of the purchase request for Shares Fund shares (unless the Fund otherwise determines and so advises the Company that sufficient proceeds to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If federal funds are available from redemption of Shares of not received on time, such funds will be invested, and 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 Portfolios effected pursuant to redemption requests tendered expenses incurred by the Company on behalf 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 an Account)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) Payment for Shares Fund shares redeemed by the Account or the Company on behalf of an Account 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 next same Business Day after the Fund is properly notified of the redemption order of such Shares (unless redemption proceeds are to be applied to the purchase of Shares of other Portfolios in accordance with Section 1.3(b) of this Agreement)shares, 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 to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then then-current registration statement. 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 actionprospectus.
(d) Any purchase or redemption request for Shares Fund shares held or to be held in the Company’s general account shall be effected at the closing net asset value per Share share next determined after the Fund’s receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Shares 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 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 its an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, Account for Shares of those Designated Portfolios made available hereunder, based on allocations of amounts to such Accounts the Account or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such the Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares that may be held in the general account of the Company)Account. Receipt of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, therefore) on any day the New York Stock Exchange (“NYSE”) 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’s prospectus Fund Prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if that the Company transmits Fund receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 9:30 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(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 6:00 12:00 p.m. Eastern Time on the day 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 an 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 on behalf of an Account normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the next same Business Day after that the Fund is properly notified of the redemption order of 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), 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 to make payment in any manner permitted under the procedures and policies of the Fund as described in the then current registration statement. 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 No Designated Portfolio Shares shall be purchased or redemption request held hereunder in or for Shares held or to be held in the benefit of the Company’s '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 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 Prospectusaccount.
Appears in 2 contracts
Samples: Participation Agreement (Ameritas Variable Separate Account Va-2), Participation Agreement (Ameritas Life Insurance Corp Separate Account LLVL)
Purchase and Redemption Procedures. (a) The Fund Underwriter hereby appoints the Company as its an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares Fund shares that may be held in the general account of the Company)) for shares of those Portfolios made available hereunder, based on allocations of amounts to the Accounts or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Accounts. Receipt and acceptance of any such request (or relevant transactional information therefortherefore) on any day the New York Stock Exchange is open for trading and on which a Portfolio calculates its net asset value (a "Business Day") pursuant to the rules of the Securities and Exchange Commission (“SEC”), by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) Funds prior to the time that the Fund Funds ordinarily calculates its net asset value as described from time to time in the Fund’s prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE) Funds’ prospectuses, shall constitute receipt and acceptance by the Fund Portfolio on that same Business Day, provided that:
(i) if that the Company transmits Fund receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 9:30 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company shall pay for Shares shares of each Portfolio on the same day Business Day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Shares Portfolio shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 6:00 3:00 p.m. Eastern Time on the day Business Day the Fund is notified of the purchase request for Shares Portfolio shares (unless the a Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Portfolios effected pursuant to redemption requests tendered by the Company on behalf of an Accountthe Accounts, or unless a 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 Portfolio shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon a 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) Payment for Shares Portfolio shares redeemed by the Accounts or the Company on behalf of an Account 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 next same Business Day after the Fund is properly notified of the redemption order of such Shares shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other 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 to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then then-current registration statement. 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 actionprospectus.
(d) Any purchase or redemption request for Shares Portfolio shares held or to be held in the Company’s 's general account shall be effected at the closing net asset value per Share share next determined after the Fund’s receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Shares 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 ProspectusFund’s prospectus.
(e) All purchase or redemption requests shall be in accordance with the terms of the Fund’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 its an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, Account for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to such Accounts the Account or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such the Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares that may be held in the general account of the Company)Account. Receipt of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, ) on any day the New York Stock Exchange (“NYSE”) 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’s prospectus Fund Prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if that the Company transmits Fund receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 9:30 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(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 Shares Designated Portfolio shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 6:00 4:00 p.m. Eastern Time on the day the Fund is notified of the purchase request for Shares Designated Portfolio 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 an 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) Payment for Shares Designated Portfolio shares redeemed by the Account or the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the Fund is properly notified of the redemption order of such Shares shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Portfolios Designated 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 Rules thereunder, and to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then current registration statement. 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 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 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.current
Appears in 2 contracts
Samples: Participation Agreement (WRL Series Life Corporate Account), Participation Agreement (Transamerica Corporate Separate Account Sixteen)
Purchase and Redemption Procedures. (a) The Fund Funds and the Underwriter hereby appoints appoint the Company as its an agent of the Funds for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares Fund shares that may be held in the general account of the Company)) for shares of those 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 therefor) on any day the New York Stock Exchange is open for trading and on which a Fund calculates its net asset value (a "Business Day") pursuant to the rules of the Securities and Exchange Commission ("SEC"), by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) Funds prior to the time that the Fund Funds ordinarily calculates its calculate their net asset value as described from time to time in the Fund’s prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE) Funds' prospectuses shall constitute receipt and acceptance by the Fund Funds on that same Business Day, provided that:
(i) if that the Company transmits Funds receive notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 9:30 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company shall pay for Shares shares of each Fund on the same day Business Day that it notifies the Fund of a purchase request for such Sharesshares. Payment for 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 6:00 3:00 p.m. Eastern Time on the day Business Day the Fund is notified of the purchase request for Shares Fund shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Portfolios Funds effected pursuant to redemption requests tendered by the Company on behalf of an 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 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 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. Should a Fund need to extend settlement on a trade, the Fund shall promptly contact the Company to discuss the extension.
(c) Payment for Shares Fund shares redeemed by the Account or the Company on behalf of an Account 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 next same Business Day after the Fund is properly notified of the redemption order of such Shares shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Portfolios Funds 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 to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then then-current registration statement. 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 actionprospectus.
(d) Any purchase or redemption request for Shares Fund shares held or to be held in the Company’s 's general account shall be effected at the closing net asset value per Share 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 Shares 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 ProspectusFunds' prospectuses.
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 its an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares 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 and acceptance of any such request (or relevant transactional information therefor), ) on any day the New York Stock Exchange and Chicago Mercantile Exchange are open for trading and on which a Designate Portfolio calculates its net asset value (a "Business Day") pursuant to the rules of the Securities and Exchange Commission ("SEC") by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund’s 's prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE4:00 p.m. Eastern Time) shall constitute receipt and acceptance by the Fund Designated Portfolio on that same Business Day. To facilitate the Designated Portfolios' daily trading practices, provided that:
(i) if the Company transmits such request shall provide the Fund with daily net aggregate trade and other information relating to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received Designated Portfolios at times specified by the Company by Fund prior to the close of regular trading business on the NYSE (or such reasonably earlier time designated by each Business Day, with respect to which the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to shall hold the Fund in and the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 a.m. Eastern Time Adviser harmless from any liability resulting from reliance on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset valueinformation.
(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 Shares Designated Portfolio shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 6:00 3:00 p.m. Eastern Time on the day the Fund is notified of the purchase request for Shares Designated Portfolio 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 an 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) Payment for Shares Designated Portfolio shares redeemed by the Account or the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the Fund is properly notified of the redemption order of such Shares shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Portfolios Designated 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(e22( e) of the 1940 Act and any rules Rules thereunder, and to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then current registration statementprospectus. 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 Shares Designated Portfolio shares held or to be held in the Company’s 's general account shall be effected at the closing net asset value per Share share next determined after the Fund’s 's receipt and acceptance of such request.
1.4. The Fund shall use its best efforts to make the net asset value per share for each Designated Portfolio available to the Company by 6:30 p.m. Eastern Time each Business Day, and in any event, as soon as reasonably practicable after the net asset value per share for such Designated Portfolio is calculated, and shall calculate such net asset value in accordance with the Fund's prospectus. Neither the Fund, any Designated Portfolio, the Adviser, nor any of their affiliates shall be liable for any information provided thatto the Company pursuant to this Agreement which information is based on incorrect information supplied by the Company to the Fund or the Adviser.
1.5. The Fund shall furnish notice (by wire or telephone followed by written confirmation) to the Company as soon as reasonably practicable of any income dividends or capital gain distributions payable on any Designated Portfolio shares. The Company, on its behalf and on behalf of the Account, hereby elects to receive all such dividends and distributions as are payable on any Designated Portfolio shares in the case form of additional shares of that Designated Portfolio. The Company reserves the right, on its behalf and on behalf of the Account, to revoke this election and to receive all such dividends and capital gain distributions in cash. The Fund shall notify the Company promptly of the number of Designated Portfolio shares so issued as payment of such dividends and distributions.
1.6. Issuance and transfer of Fund shares shall be by book entry only. Share certificates will not be issued to the Company or the Account. Purchase and redemption orders for Fund shares shall be recorded in an appropriate ledger for the Account or the appropriate subaccount of the Account.
(a) The parties hereto acknowledge that the arrangement contemplated by this Agreement is not exclusive; the Fund's shares may be sold to other insurance companies (subject to Section 1.8 hereof) and the cash value of the Contracts may be invested in other investment companies, provided, however, that until this Agreement is terminated pursuant to Article X, the Company shall promote the Designated Portfolios on the same basis as other funding vehicles available under the Contracts. Funding vehicles other than those listed on Schedule A to this Agreement may be available for the investment of the cash value of the Contracts, provided, however, (i) any such vehicle or series thereof, has investment objectives or policies that are substantially different from the investment objectives and policies of the Designated Portfolios available hereunder; (ii) the Company gives the Fund and the Adviser 45 days written notice of its intention to make such other investment vehicle available as a purchase requestfunding vehicle for the Contracts; and (iii) unless such other investment company was available as a funding vehicle for the Contracts prior to the date of this Agreement and the Company has so informed the Fund and the Adviser prior to their signing this Agreement, payment the Fund or Adviser consents in writing to the use of such other vehicle, such consent not to be unreasonably withheld.
(b) The Company shall not, without prior notice to the Adviser (unless otherwise required by applicable law), take any action to operate the Account as a management investment company under the 1940 Act.
(c) The Company shall not, without prior notice to the Adviser (unless otherwise required by applicable law), induce Contract owners to change or modify the Fund or change the Fund's investment adviser.
(d) The Company shall not, without prior notice to the Fund, induce Contract owners to vote on any matter submitted for Shares so requested is received consideration by the shareholders of the Fund in federal funds prior a manner other than as recommended by the Board.
1.8. The Fund reserves the right to close cease offering shares of business for determination of such value, as defined from time to time any Designated Portfolio in the Fund Prospectusdiscretion of the Fund.
Appears in 2 contracts
Samples: Participation Agreement (Pruco Life of New Jersey Variable Appreciable Account), Participation Agreement (Pruco Life Variable Universal Account)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as its an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, Account (but not with respect to any Fund shares that may be held in the general account of the Company) for the Shares made available hereunder, based on allocations of amounts to such Accounts the Account or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such the Contracts or such the Account. All transactions in Account shares shall be executed through the Omnibus Accounts of Company's affiliate Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx, Inc. ("Omnibus Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares that may be held in the general account of the Company"). Receipt of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, ) on any day the New York Stock Exchange (“NYSE”) 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’s prospectus Fund Prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if that the Company transmits Fund receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 11 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company shall pay for Shares on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Shares shall be made in federal funds transmitted will provide to the Fund by wire or its designee via the NSCC Fund SERV DCC & S platform (which utilizes the "as of" record layout within Fund/SERV) one or more files detailing the instructions received with respect to be received by each Plan prior to 4:00 p.m. ET on the prior Business Day for each of the Funds. If for any reason Xxxxxxx Xxxxx is unable to transmit the file(s) with respect to any Business Day, Xxxxxxx Xxxxx will notify the Fund or its designee by 6:00 p.m. Eastern Time on the day the Fund is notified of the purchase request for Shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of other Portfolios effected pursuant to redemption requests tendered by the Company on behalf of an Account). 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) Payment for Shares redeemed by the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other designated person 11:00 a.m. ET on the next following Business Day after the Fund is properly notified of the redemption order of such Shares (unless redemption proceeds are to be applied to the purchase of Shares of other 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 to make payment in any manner permitted under the procedures and policies of the Fund as described in the then current registration statement. 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 actionDay.
(d) Any purchase or redemption request for 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 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 D), Participation Agreement (Merrill Lynch Life Variable Annuity Separate Account D)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as its an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, Account (but not with respect to any Fund shares that may be held in the general account of the Company) for the Shares made available hereunder, based on allocations of amounts to such Accounts the Account or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such the Contracts or such the Account. All transactions in Account shares shall be executed through the Omnibus Accounts of Company’s affiliate Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx, Inc. (“Omnibus Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares that may be held in the general account of the Company”). Receipt of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, ) on any day the New York Stock Exchange (“NYSE”) 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 (“Close of Trading”) as described from time to time in the Fund’s prospectus Fund Prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that:
that (i) if the Company transmits such request transaction instructions relating to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be Account or subaccounts thereof are received in proper form by the Company by the close Close of regular trading Trading on that Business Day; and (ii) the Fund receives notice of such request by 10 a.m. Eastern Time on the NYSE (next following Business Day, or in the event of systems issues necessitating later delivery of such reasonably earlier time designated purchase and redemption requests by 11 a.m. Eastern Time on the next following Business Day. Instructions received in proper form by the Company in response to a change by at or after the NSCC in Close of Trading on any given Business Day shall be treated as if received on the deadline for receipt of requests via its systems) next following Business Day. Company and must be transmitted by Fund understand that it is the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 intent of the 1940 Act (which as parties that Fund receive such purchase and redemption requests from Company on behalf of the date of execution of this Agreement is Account by 9:00 a.m. Eastern Time on the next following Business Day); or
. Company will provide to the Transfer Agent or its designee via the NSCC Fund SERV DCC & S platform (ii) If there are technical problems with which utilizes the “as of” record layout within Fund/SERV, ) one or if more files detailing the parties are not able instructions received with respect to each Plan prior to 4:00 p.m. Eastern Time on the prior Business Day for each of the Funds. If for any reason Xxxxxxx Xxxxx is unable to transmit the file(s) with respect to any Business Day, Xxxxxxx Xxxxx will notify the Transfer Agent or receive information through Fund/SERV (e.g., its designee by fax), such request must be received by the Fund by 11:30 11:00 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company shall pay for Shares on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Shares shall be made in federal funds transmitted to the Fund by wire via the NSCC Fund/SERV DCC&S platform to be received by the Fund by 6:00 6:30 p.m. Eastern Time on the day the Fund is notified of the purchase request for Shares (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 an the Account). Upon receipt of federal funds so wiredtransmitted via the NSCC Fund/SERV DCC&S platform, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund. Notwithstanding any provision of this Agreement to the contrary, for purchase and redemption instructions with respect to any Shares, Company and the Fund will settle the purchase and redemption transactions referred to herein, via the NSCC Fund/SERV platform settlement process on the next Business Day following the effective trade date. The Fund will provide to Company a daily transmission of positions and trading activity taking place in the Omnibus Accounts using Company’s affiliate’s proprietary Inventory Control System (“ICS”).
(c) Payment To the extent practicable, payment for Shares redeemed by the Account or the Company on behalf of an Account shall be made in federal funds transmitted by wire via the NSCC Fund/SERV DCC&S platform to the Company or any other designated person on the next Business Day after the Fund is properly notified of the redemption order of such Shares (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), except that the Fund reserves the right to redeem 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 Rules thereunder, and to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then current registration statementprospectus. 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 Shares held or to be held in the Company’s general account shall be effected at the closing net asset value per Share share next determined after the Fund’s receipt of such request, provided that, request as set forth in the case of a purchase request, payment for 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 ProspectusSection 1.3(a) herein.
Appears in 1 contract
Samples: Participation Agreement (Ml of New York Variable Annuity Separate Account D)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as its an agent of the Fund for the sole and limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares 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 by the Company as such limited agent of the fund of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, ) that is in good order on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its the net asset value per share of the Designated Portfolios pursuant to the rules of the SEC (a “Business Day”) prior to the time that the Fund ordinarily calculates its such net asset value values per share as described from time to time in the Fund’s prospectus 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 ordinarily as of the close of regular trading on the NYSENew York Stock Exchange, or 4:00 p.m. Eastern Time)(the “Valuation Time”) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if that the Company transmits Fund or its designated agent receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 9:30 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(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 Shares purchased Designated Portfolio shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 6:00 4:00 p.m. Eastern Time on the day Business Day the Fund is notified of the purchase request for Shares Designated Portfolio shares (unless which request may be net of redemptions of such 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 shall promptly, upon the Fund’s request, reimburse the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of for any charges, costs, fees, interest or other Portfolios effected pursuant to redemption requests tendered expenses incurred by the Company on behalf 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 an Account)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) Payment for Shares Designated Portfolio shares redeemed by the Account or the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other person duly designated person by the Company on the next Business Day after the Fund is properly notified of the redemption order of such Shares shares (unless redemption proceeds are to which order may be applied to the net of any purchase of Shares of other Portfolios in accordance with Section 1.3(borders) 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 the Rule or Rules thereunder, and to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then current registration statementstatutory 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 Shares Designated Portfolio shares held or to be held in the Company’s general account shall be effected at the closing net asset value per Share share next determined after the Fund’s receipt of such requestrequest in good order, provided that, in the case of a purchase request, payment for Shares Fund 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 statutory prospectus.
(e) 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. The Fund shall use its best efforts to make the net asset value per share for each Designated Portfolio (or class thereof) available to the Company by 6:30 p.m. Eastern Time each Business Day, and in any event, as soon as reasonably practicable after the net asset value per share for such Designated Portfolio or class thereof is calculated, and shall calculate such net asset value in accordance with the Fund’s statutory prospectus. None of the Fund, any Designated Portfolio, the Distributor, or any of their affiliates shall be liable for any information provided to the Company pursuant to this Agreement which information is based on incorrect information supplied by the Company or any other Participating Insurance Company to the Fund or the Distributor. In the event of an error in the computation of a Fund’s net asset value per share (“NAV”) or any dividend or capital gain distribution (each, a “pricing error”), the Adviser or the Fund shall notify the Company as soon as possible after discovery of the error. Such notification may be oral, but shall be confirmed promptly in writing. A pricing error shall be corrected in accordance with the Fund’s policies and procedures, which comply in all material respects with applicable law. However, if the pricing error results in a difference between the erroneous NAV and the correct NAV equal to or greater than (a) $0.01 or (b) 1/2 of 1% of the Fund’s NAV at the time of the error, then the Adviser shall reimburse the Portfolio for any loss (without taking into consideration any positive effect of such error) and shall reimburse the Company for the costs of adjustments made to correct Contract owner accounts. If an adjustment is necessary to correct a material error (as described below) which has caused Contract owners to receive less than the amount to which they are entitled, the number of shares of the applicable sub-account of such Contract owners will be adjusted and the amount of any underpayments shall be credited by the Adviser to the Company for crediting of such amounts to the applicable sub-accounts of such Contract owners. Upon notification by the Adviser of any overpayment due to a material error, the Company shall promptly remit to the Adviser any overpayment that has not been paid to Contract owners. In no event shall the Company be liable to Contract owners for any such adjustments or underpayment amounts. A pricing error within categories (a) or (b) above shall be deemed to be “materially incorrect” or constitute a “material error” for purposes of this Agreement. The standards set forth in this Section 1.3 are based on the parties’ understanding of the views expressed by the staff of the SEC as of the date of this Agreement. In the event the views of the SEC staff are later modified or superseded by SEC or judicial interpretation, the parties shall amend the foregoing provisions of this Agreement to comport with the then-currently acceptable standards, on terms mutually satisfactory to all parties.
Appears in 1 contract
Samples: Participation Agreement (Virtus Variable Insurance Trust)
Purchase and Redemption Procedures. (a) The Fund Distributor hereby appoints the Company as its an agent for of the Distributorfor the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares Fund shares that may be held in the general account of the Company)) for shares of those Designated Portfolios madeavailable 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 therefortherefore) on any day the New York Stock Exchange is open for trading and on which a Designated Portfolio calculates its net asset value (a "Business Day") pursuant to the rules of the Securities and Exchange Commission ("SEC"), by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) Distributor prior to the time that the Fund ordinarily calculates its net asset value value, currently 4:00 p.m. Eastern Time, as described from time to time in the Fund’s 's prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE) shall constitute receipt and acceptance by the Fund Designated Portfolio on that same Business Day, provided that:
(i) if that the Company transmits Fund receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 9:30 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(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 Shares Designated Portfolio shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 6:00 3:00 p.m. Eastern Time on the day Business Day the Fund is notified of the purchase request for Shares Designated Portfolio 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 an 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 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) Payment for Shares Designated Portfolio shares redeemed by the Account or the Company on behalf of an Account 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 next same Business Day after the Fund is properly notified of the redemption order of such Shares 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 theright to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act ACT and any rules thereunder, and to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then then-current registration statementprospectus. 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 Shares Designated Portfolio shares held or to be held in the Company’s 's general account shall be effected at the closing net asset value per Share 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 Shares 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 ProspectusFund's prospectus.
Appears in 1 contract
Samples: Participation Agreement (Variflex)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as its an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares 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 therefor), by the Company as such limited agent of the Fund, ) on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund’s prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if the Company transmits such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.Stock
(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 Shares Designated Portfolio shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 6:00 4:00 p.m. Eastern Time on the day the Fund is notified of the purchase request for Shares Designated Portfolio 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 an 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) Payment payment for Shares Designated Portfolio shares redeemed by the Account or the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the Fund is properly notified of the redemption order of such Shares shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Portfolios Designated 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 Rules thereunder, and to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then current registration statementprospectus. 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 Shares Designated Portfolio shares held or to be held in the Company’s 's general account shall be effected at the closing net asset value per Share share next determined after the Fund’s 's receipt of such request, provided that, in the case of a purchase request, payment for Shares 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 (Separate Account Ny B of Reliastar Life Insurance Co of Ny)
Purchase and Redemption Procedures. (a) The Fund Generally, settlement will occur one business day following trade day. Underwriter hereby appoints the Company as its agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, Account (but not with respect to any Fund shares that may be held in the general account of the Company) for the Shares made available hereunder, based on allocations of amounts to such Accounts the Account or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such the Contracts or such Accounts; provided, however, that if applicable law is amended the Account. All transactions in the future to prevent the foregoing, the Company Account shares shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares that may be held in the general account of executed through the Company’s Omnibus Accounts (“Omnibus Accounts”). Receipt of any Any such request (or relevant transactional information therefor), thereof) received by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund’s prospectus Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall be executed by the Underwriter at the net asset value determined as of the close of regular trading on the NYSE) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if that the Company transmits Underwriter receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 9:30 a.m. Eastern Time on the next following Business Day. With regard Company will provide to purchase and redemptions the Underwriter or its designee via the NSCC Fund SERV DCC&S platform (which utilizes the “as of Shares under this Section 1.3(a)record layout within Fund/SERV) one or more files detailing the instructions received with respect to each plan prior to 4:00 p.m. Eastern Time on the prior Business Day for each of the Funds. If for any reason the Company is unable to transmit the file(s) with respect to any Business Day, the Company is solely responsible for ensuring that each such purchase or redemption is will notify the net result of requests from Contract owners for Contract transactions received by it Underwriter or its duly designated agent each designee by 9:30 a.m. Eastern Time on the next following Business Day before the time(s) that the Fund calculates its net asset valueDay.
(b) The Company shall pay for Shares on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Shares shall be made in federal funds transmitted to the Fund by wire via the NSCC Fund/SERV DCC&S platform to be received by the Fund by 6:00 6:30 p.m. Eastern Time on the day the Fund is notified of the purchase request for Shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of other Portfolios Funds effected pursuant to redemption requests tendered by the Company on behalf of an the Account). Upon receipt of federal funds so wiredtransmitted via the NSCC Fund/SERV DCC&S platform, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund. Notwithstanding any provision of this Agreement to the contrary, for purchase and redemption instructions with respect to any Shares, Company and the Fund will settle the purchase and redemption transactions referred to herein, via the NSCC Fund/SERV platform settlement process on the next Business Day following the effective trade date. The Fund will provide to Company a daily transmission of positions and trading activity taking place in the Omnibus Accounts using Company’s proprietary Inventory Control System (“ICS”).
(c) Payment for Shares redeemed by the Account or the Company on behalf of an Account shall be made in federal funds transmitted by wire via the NSCC Fund/SERV DCC&S platform to the Company or any other designated person on the next Business Day after the Fund is properly notified of the redemption order of such Shares (unless redemption proceeds are to be applied to the purchase of Shares of other Portfolios Funds in accordance with Section 1.3(b1.3 (b) of this Agreement), except that Underwriter, on behalf of the Fund Funds, reserves the right to redeem 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 Rules thereunder, and to make payment in any manner permitted under accordance with the procedures and policies of the Fund Funds as described in the then current registration statementprospectus. The Neither Underwriter nor 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 Shares held or to be held in the Company’s general account shall be effected at the closing net asset value per Share share next determined after the Fund’s a Funds’ receipt of such request, provided that, request as set forth in the case of a purchase request, payment for 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 ProspectusSection 1.3 (a) herein.
Appears in 1 contract
Samples: Participation Agreement (Merrill Lynch Life Variable Annuity Separate Account D)
Purchase and Redemption Procedures. (a) The Fund Transfer Agent hereby appoints the Company as its agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, Account (but not with respect to any Fund shares that may be held in the general account of the Company) for the Shares made available hereunder, based on allocations of amounts to such Accounts the Account or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such the Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares that may be held in the general account of the Company)Account. Receipt of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, ) on any day the New York Stock Exchange (“NYSE”) 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 Transfer Agent prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund’s prospectus Fund Prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if that the Company transmits Transfer Agent receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 8:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company shall pay for Shares on the same day that it notifies the Fund Transfer Agent of a purchase request for such Shares. Payment for Shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 6:00 4:00 p.m. Eastern Time on the day the Fund Transfer Agent is notified of the purchase request for Shares (unless the Fund Transfer Agent 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 an the Account). 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) Payment for Shares redeemed by the Account or the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the Fund Transfer Agent is properly notified of the redemption order of such Shares (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), except that the Fund reserves the right to redeem 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 Rules thereunder, and to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then current registration statementprospectus. 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 Shares held or to be held in the Company’s 's general account shall be effected at the closing net asset value per Share share next determined after the Fund’s 's receipt of such request, provided that, in the case of a purchase request, payment for 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 (Merrill Lynch Life Variable Annuity Separate Account D)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as its an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, Account for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to such Accounts the Account or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such the Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares that may be held in the general account of the Company)Account. Receipt and acceptance of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, ) on any day the New York Stock Exchange (“NYSE”) 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’s statutory prospectus (which “prospectus”), as of such term is defined in Rule 498 under the date of execution of this Agreement is the close of regular trading on the NYSE) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if the Company transmits such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 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 9:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(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 Shares Designated Portfolio shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 6:00 4:00 p.m. Eastern Time on the day Business Day the Fund is notified of the purchase request for Shares Designated Portfolio shares (unless which request may be net of redemptions of 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 shall promptly, upon the Fund’s request, reimburse the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of for any charges, costs, fees, interest or other Portfolios effected pursuant to redemption requests tendered expenses incurred by the Company on behalf 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 an Account)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) Payment for Shares Designated Portfolio shares redeemed by the Account or the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the Fund is properly notified of the redemption order of such Shares shares (unless redemption proceeds are to which order shall be applied to the net of any purchase of Shares of other Portfolios in accordance with Section 1.3(borders) 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 Rules thereunder, and to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then current registration statementprospectus 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 Shares held or The Company shall not redeem Fund shares attributable to be the Contracts (as opposed to Fund shares attributable to the Company’s assets held in the Company’s 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 account shall be effected at application (hereinafter referred to as a “Legally Required Redemption”), (iii) upon 45 days prior written notice to the closing net asset value per Share next determined after Fund and the Fund’s receipt Underwriter, as permitted by an order of such 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, provided that, in the case of a purchase request, payment for Shares so requested is received by Company will promptly furnish to the Fund in federal funds prior reasonable assurance that any redemption pursuant to close of business for determination of such value, as defined from time to time in the Fund Prospectusclause (ii) above is a Legally Required Redemption.
Appears in 1 contract
Samples: Participation Agreement (Sun Life of Canada (US) Variable Account K)
Purchase and Redemption Procedures. (a) The Fund Adviser, on behalf of the Fund, hereby appoints the Company as its an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares Fund shares that may be held in the general account of the Company)) for shares of those 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 therefor) on any day the New York Stock Exchange is open for trading and on which a Portfolio calculates its net asset value (a “Business Day”) pursuant to the rules of the Securities and Exchange Commission (“SEC”), by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) prior to the time that the Fund ordinarily Portfolio calculates its net asset value as described from time to time in the Fund’s prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE) shall constitute receipt and acceptance by the Fund Portfolio on that same Business Day, provided that:
(i) if that the Company transmits Fund or its agent receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 9:30 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company shall pay for Shares shares of each Portfolio on the same day Business Day that it notifies the Fund Adviser of a purchase request for such Sharesshares. Payment for Shares Portfolio shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 6:00 3:00 p.m. Eastern Time on the day Business Day the Fund is notified of the purchase request for Shares Portfolio shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Portfolios effected pursuant to redemption requests tendered by the Company on behalf of an 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 Portfolio shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Adviser’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) Payment for Shares Portfolio shares redeemed by the Account or the Company on behalf of an Account 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 next same Business Day after the Fund is properly notified of the redemption order of such Shares shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other 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 thereunderthereunder, and to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then then-current registration statement. 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 actionprospectus.
(d) Any purchase or redemption request for Shares Portfolio shares held or to be held in the Company’s general account shall be effected at the closing net asset value per Share share next determined after the Fund’s receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Shares 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 ProspectusFund’s prospectus.
Appears in 1 contract
Samples: Participation Agreement (SBL Variable Annuity Account Xiv)
Purchase and Redemption Procedures. (a) The Fund Underwriter hereby appoints the Company as its an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, Account (but not with respect to any Fund shares that may be held in the general account of the Company) for the Shares made available hereunder, based on allocations of amounts to such Accounts the Account or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such the Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares that may be held in the general account of the Company)Account. Receipt of any Any such request (or relevant transactional information therefor), ) received by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund’s prospectus Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall be executed by the Transfer Agent at the net asset value determined as of the close of regular trading on the NYSE) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if that the Company transmits Transfer Agent receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 10 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if in the parties are not able to transmit or receive information through Fund/SERV (e.g., event of systems issues necessitating later delivery of such purchase and redemption requests by fax), such request must be received by the Fund by 11:30 11 a.m. Eastern Time on the next following Business Day. With regard Company will provide to purchase and redemptions the Transfer Agent or its designee via the NSCC Fund SERV DCC & S platform (which utilizes the “as of” record layout within Fund/SERV) one or more files detailing the instructions received with respect to each Plan prior to 4:00 p.m. Eastern Time on the prior Business Day for each of Shares under this Section 1.3(a)the Funds. If for any reason Company is unable to transmit the file(s) with respect to any Business Day, Company will notify the Transfer Agent or its designee by 11:00 a.m. Eastern Time on the next following Business Day. The Company shall maintain records that will enable the Company to demonstrate the time each order is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset valuereceived.
(b) The Company shall pay for Shares on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Shares shall be made in federal funds transmitted to the Fund by wire to be received by the applicable Fund custodial account by 6:00 4:00 p.m. Eastern Time on the day the Fund is notified of the purchase request for Shares (unless the Fund Company 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 an the Account). 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) Payment for Shares redeemed by the Account or the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the Fund is properly notified of the redemption order of such Shares (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), except that the Fund reserves the right to redeem 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 Rules thereunder, and to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then current registration statementprospectus. 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 Shares held or to be held in the Company’s general account shall be effected at the closing net asset value per Share share next determined after the Fund’s receipt of such request, provided that, in the case of a purchase request, payment for 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. If payment is not timely received, such order will be, at Underwriter’s option, either (i) executed at the net asset value determined on the trade date, and the Company shall be responsible for all costs to the Underwriter or the Fund resulting from such delay, or (ii) executed at the net asset value next computed following receipt of payment.
Appears in 1 contract
Samples: Participation Agreement (Ml of New York Variable Annuity Separate Account D)
Purchase and Redemption Procedures. (a) The Fund Transfer Agent hereby appoints the Company as its agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, Account (but not with respect to any Fund shares that may be held in the general account of the Company) for the Shares made available hereunder, based on allocations of amounts to such Accounts the Account or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such the Contracts or such the Account. All transactions in Account shares shall be executed through the Omnibus Accounts of Company’s affiliate Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx, Inc. (“Omnibus Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares that may be held in the general account of the Company”). Receipt of any Any such request (or relevant transactional information therefor), ) received by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund’s prospectus Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall be executed by the Transfer Agent at the net asset value determined as of the close of regular trading on the NYSE) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if that the Company transmits Transfer Agent receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 8 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if in the parties are not able to transmit or receive information through Fund/SERV (e.g., event of systems issues necessitating later delivery of such purchase and redemption requests by fax), such request must be received by the Fund by 11:30 11 a.m. Eastern Time on the next following Business Day. With regard Company will provide to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it Transfer Agent or its duly designated agent designee via the NSCC Fund SERV DCC & S platform (which utilizes the “as of record layout within Fund/SERV) one or more files detailing the instructions received with respect to each Plan prior to 4:00 p.m. Eastern Time on the prior Business Day before for each of the time(s) that the Fund calculates its net asset valueFunds.
(b) The Company shall pay for Shares on the same day that it notifies the Fund Transfer Agent of a purchase request for such Shares. Payment for Shares shall be made in federal funds transmitted For purchase and redemption instructions with respect to any Shares, Company and the Fund by wire will settle the purchase and redemption transactions referred to be received by herein, via the Fund by 6:00 p.m. Eastern Time NSCC Fund/SERV platform settlement process on the day next Business Day following the Fund is notified effective trade date. The Transfer Agent will provide to Company a daily transmission of positions and trading activity taking place in the purchase request for Shares Omnibus Accounts using Company’s affiliate’s proprietary Inventory Control System (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of other Portfolios effected pursuant to redemption requests tendered by the Company on behalf of an Account“ICS”). 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) Payment for Shares redeemed by the Account or the Company on behalf of an Account shall be made in federal funds transmitted by wire via the NSCC Fund/SERV DCC&S platform to the Company or any other designated person on the next Business Day after the Fund Transfer Agent is properly notified of the redemption order of such Shares (unless redemption proceeds are to be applied to the purchase of Shares of other Portfolios Designated Funds in accordance with Section 1.3(b) of this Agreement), except that the Fund reserves the right to redeem 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 Rules thereunder, and to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then current registration statementprospectus. The Neither the Fund nor the Transfer Agent 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 Shares held or to be held in the Company’s general account shall be effected at the closing net asset value per Share share next determined after the FundTransfer Agent’s receipt of such request, provided that, request as set forth in the case of a purchase request, payment for 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 ProspectusSection 1.3(a) herein.
Appears in 1 contract
Samples: Participation Agreement (Ml of New York Variable Annuity Separate Account D)
Purchase and Redemption Procedures. (a) Until such time as the Fund and the Company mutually agree to utilize the National Securities Clearing Corporation (“NSCC”) for purchases, redemptions and exchanges of shares, the Fund and the Company agree to provide pricing information and execute orders for such share transactions through NSCC and its subsidiary systems. The Fund hereby appoints the Company as its an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares 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 and acceptance of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, ) on any day the New York Stock Exchange (“NYSE”) 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’s prospectus Fund Prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE4:00 p.m. Eastern Time) shall constitute receipt and acceptance by the Fund on that same Business Day, provided that:
(i) if that the Company transmits Fund or its designated agent receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 a.m. Eastern Time on the next following Business Day); or
Day (ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received earlier as required by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(aNSCC), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company agrees that if it receives, aggregates and/or forwards purchase and redemption orders to the Fund (i) all purchase and redemption orders with respect to shares of the Trust submitted by the Company will be received in good order by the Company prior to the close of trading on that Business Day, and will be processed by the Company in compliance with Rule 22c-1 under the Investment Company Act and regulatory interpretations thereof; (ii) the Company has, and will maintain, policies and procedures reasonably designed to monitor and prevent market timing or excessive trading activity by investors; (iii) the Company will use its reasonable best efforts to prevent market timing or excessive trading activity that appears to be in contravention of a Fund’s policies and procedures on market timing or excessive trading as disclosed in that Fund’s Prospectus; (iv) the Company will, upon reasonable request, provide the Trust or its agent with assurances regarding the compliance of its handling of orders with respect to shares of the Funds with the requirements of Rule 22c-1, regulatory interpretations thereof, and the Funds’ market timing and excessive trading policies; and (v) the Company will use its reasonable best efforts to cooperate with the Trust or its agent to implement policies and procedures to prevent market timing and/or excessive trading in the Funds and enforce the market timing and excessive policies disclosed in the Funds’ Prospectuses.
(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 Shares Designated Portfolio shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 6:00 2:00 p.m. Eastern Time on the day Business Day the Fund is notified of the purchase request for Shares Designated Portfolio shares (unless which request may be net of redemptions of 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 shall promptly, upon the Fund’s request, reimburse the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of for any charges, costs, fees, interest or other Portfolios effected pursuant to redemption requests tendered expenses incurred by the Company on behalf 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 an Account)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) Payment for Shares Designated Portfolio shares redeemed by the Account or the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the Fund is properly notified of the redemption order of such Shares shares (unless redemption proceeds are to which order shall be applied to the net of any purchase of Shares of other Portfolios in accordance with Section 1.3(borders) 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 Rules thereunder, and to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then current registration statementprospectus 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.
(de) Any purchase or redemption request for Shares Designated Portfolio shares held or to be held in the Company’s general account shall be effected at the closing net asset value per Share share next determined after the Fund’s receipt of such request, provided that, in the case of a purchase request, payment for Shares 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.
(f) 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 (Guardian Separate Acct N of the Guardian Ins & Annuity Co)
Purchase and Redemption Procedures. (a) The Company is hereby appointed as an agent of the Fund hereby appoints the Company as its agent for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares Fund shares that may be held in the general account of the Company)) for shares of the Designated Portfolios, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. The Company hereby delegates such agency to SBL. SDI acknowledges such delegation and represents that receipt and acceptance by SBL, as agent of the Company, shall be considered receipt by the Fund. Receipt and acceptance of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, therefore) on any day the New York Stock Exchange (“NYSE”) 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”) SEC, by SBL 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’s then-current prospectus (which as and Statement of the date of execution of this Agreement is the close of regular trading on the NYSE) Additional Information shall constitute receipt and acceptance by the Fund Designated Portfolio on that same Business Day, provided that:
(i) if the Company transmits such request to the Fund via the National Securities Clearing Corporation’s Day (the “NSCCAcceptance Date”) ), provided that the Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, or its designated agent, receives notice of such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 9:30 a.m. Eastern Time on the next following Business DayDay (the “Notice Date”); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The SBL, as agent of the Company, shall cause the Company shall to pay for Shares shares of each Designated Portfolio on the same day that it notifies the Fund Notice Date of a purchase request for such Sharesshares. Payment for Shares Designated Portfolio shares shall be made in federal funds (U.S. dollars) transmitted to the Fund Fund’s custodian or its designee by wire to be received by the Fund by 6:00 3 p.m. Eastern Time on the day the Fund is notified Notice Date of the purchase request for Shares such shares (unless the Fund determines and so advises the Company Company, or its agent SBL, is advised 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 an the Account, or unless the Fund otherwise determines and so advises the Company, or its agent SBL, to delay the date of payment, to the extent the Fund may do so under the 1940 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) Payment For redemptions effected in cash, payment for Shares Designated Portfolio shares so redeemed by the Account or SBL as agent for the Company on behalf of an Account shall be made in federal funds (U.S. dollars) transmitted by wire to SBL, as agent of the Company or any other designated person by 3 p.m. Eastern Time on the next Business Day after the Fund is properly notified Notice Date of the redemption order of such Shares 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), 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 Rule 22c-1 thereunder, and to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then then-current registration statement. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting prospectus of redemption proceeds by the Company; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for 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 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 (Nationwide Variable Account 9)
Purchase and Redemption Procedures. (a) The Distributor on behalf of each Fund hereby appoints the Company as its an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares Fund shares that may be held in the general account of the Company)) for shares of those 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 therefortherefore) on any day the New York Stock Exchange is open for trading and on which a Portfolio calculates its net asset value (a "Business Day") pursuant to the rules of the Securities and Exchange Commission (“SEC”), by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund’s prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE) shall constitute receipt and acceptance by the Fund Portfolio on that same Business Day, provided that:
(i) if that the Company transmits Distributor or its designee receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 9:30 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company shall pay for Shares shares of each Portfolio on the same day Business Day that it notifies the Distributor, on behalf of each Fund of a purchase request for such Sharesshares. Payment for Shares Portfolio shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by prior to the closing of the New York Stock Exchange, when the Fund determines its net asset value in accordance with its then current prospectus, (typically by 6:00 4:00 p.m. Eastern Time Time) on the day Business Day the Fund is notified of the purchase request for Shares (Portfolio shares ( unless the Distributor on behalf of the Fund otherwise determines and so advises the Company that sufficient proceeds are available from redemption to delay the date of Shares of other Portfolios effected pursuant payment, to redemption requests tendered by the Company on behalf of an Accountextent the Fund may do so under the 1940 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) Payment for Shares Portfolio shares redeemed by the Account or the Company on behalf of an Account shall be made by the Distributor or its designee in federal funds transmitted by wire to the Company or any other designated person after the close of the New York Stock Exchange when the Fund determines its net asset value in accordance with the Fund’s then current prospectus ( typically 4:00 p.m. Eastern Time), but in no event later than 6:00 p.m. Eastern Time, on the next same Business Day after the Fund Distributor or its designee is properly notified of the redemption order of such Shares (unless redemption proceeds are to be applied to the purchase of Shares of other Portfolios in accordance with Section 1.3(b) of this Agreement)shares, except that the Distributor on behalf of 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 to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then then-current registration statement. 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 actionprospectus.
(d) Any purchase or redemption request for Shares Portfolio shares held or to be held in the Company’s 's general account shall be effected at the closing net asset value per Share share next determined after the FundDistributor or its designee’s receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Shares Fund shares so requested is received by the Fund Distributor or its designee 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 its an agent of the Fund for the sole and limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares 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 by the Company as such limited agent of the fund of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, ) that is in good order on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its the net asset value per share of the Designated Portfolios pursuant to the rules of the SEC (a “"Business Day”") prior to the time that the Fund ordinarily calculates its such net asset value values per share as described from time to time in the Fund’s prospectus '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 the close of regular trading on the NYSE4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if that the Company transmits Fund or its designated agent receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 11:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(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 Shares purchased Designated Portfolio shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 6:00 4:00 p.m. Eastern Time on the day Business Day the Fund is notified of the purchase request for Shares Designated Portfolio shares (unless which request may be net of redemptions of such 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 shall promptly, upon the Fund's request, reimburse the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of for any charges, costs, fees, interest or other Portfolios effected pursuant to redemption requests tendered expenses incurred by the Company on behalf 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 an Account)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) Payment for Shares Designated Portfolio shares redeemed by the Account or the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other person duly designated person by the Company on the next Business Day after the Fund is properly notified of the redemption order of such Shares shares (unless redemption proceeds are to which order may be applied to the net of any purchase of Shares of other Portfolios in accordance with Section 1.3(borders) 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 the Rule or Rules thereunder, and to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then current registration statementstatutory 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 Shares Designated Portfolio shares held or to be held in the Company’s 's general account shall be effected at the closing net asset value per Share share next determined after the Fund’s 's receipt of such requestrequest in good order, provided that, in the case of a purchase request, payment for Shares Fund 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 statutory prospectus.
(e) 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. The Fund shall use its best efforts to make the net asset value per share for each Designated Portfolio (or class thereof) available to the Company by 7:00 p.m. Eastern Time each Business Day, and in any event, as soon as reasonably practicable after the net asset value per share for such Designated Portfolio or class thereof is calculated, and shall calculate such net asset value in accordance with the Fund's statutory prospectus. Neither the Fund, any Designated Portfolio, the Distributor, nor any of their affiliates shall be liable for any information provided to the Company pursuant to this Agreement which information is based on incorrect information supplied by the Company to the Fund or the Distributor. If the Distributor or its affiliates determines that corrective action is necessary with respect to shareholder records for the Accounts as a result of an error in the computation of the net asset value of Fund shares (a "Price Error") based upon the SEC's recommended guidelines, the Distributor or its affiliates will promptly notify the Company of the Price Error and update the Company's positions accordingly. Upon notification, Company will adjust accounts of Contract holders affected by the Price Error as appropriate. The Distributor will be responsible for making the Accounts whole in the event of a Price Error resulting in a lesser amount being paid than what would have been paid had such Price Error not occurred. In the event of an overpayment to an Account as a result of any Price Error, Company will make a good faith attempt to the extent practicable and permitted by law to collect such overpayment on behalf of, and return such overpayment to, the Distributor. The Company has no obligation to take legal action against the Contract owners (i.e., contract owners, participants or beneficiaries that have selected a Portfolio as an investment option), to collect any overpayment. The Distributor agrees to pay Company for reasonable expenses incurred for material Price Errors that occur through no fault of the Company. Undisputed amounts shall be payable within 60 days.
Appears in 1 contract
Samples: Participation Agreement (Jefferson National Life Annuity Account G)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as its an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, Account for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to such Accounts the Account or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such the Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares that may be held in the general account of the Company)Account. Receipt of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, ) on any day the New York Stock Exchange (“NYSE”) 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’s prospectus Fund Prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if that the Company transmits Fund receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(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 Shares Designated Portfolio shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 6:00 4:00 p.m. Eastern Time on the day the Fund is notified of the purchase request for Shares Designated Portfolio 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 an 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) Payment for Shares Designated Portfolio shares redeemed by the Account or the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the Fund is properly notified of the redemption order of such Shares 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 Rules thereunder, and to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then current registration statementprospectus. 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 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 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 (Nationwide Vli Separate Account 4)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as its an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Separate Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares 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 and acceptance of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, ) on any day the New York Stock Exchange (“NYSE”) 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’s prospectus Fund Prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE4:00 p.m. Eastern Time) shall constitute receipt and acceptance by the Fund on that same Business Day, provided that:
(i) if that the Company transmits uses its best efforts to provide notice of such request requests to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received or its designated agent by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERVTime, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., and in any event provide such notice by fax), such request must be received by the Fund by 11:30 9:30 a.m. Eastern Time Time, on the next following Business Day. With regard The Company may submit all orders to purchase and redemptions shares of Shares under this Section 1.3(a), Designated Portfolios using the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(sNSCC's Defined Contribution Clearance & Settlement ("DCC&S") that the Fund calculates its net asset valueplatform.
(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 Shares Designated Portfolio shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 6:00 4:00 p.m. Eastern Time on the day Business Day the Fund is notified of the purchase request for Shares Designated Portfolio shares (unless which request may be net of redemptions of 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 shall promptly, upon the Fund's request, reimburse the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of for any charges, costs, fees, interest or other Portfolios effected pursuant to redemption requests tendered expenses incurred by the Company on behalf 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 an Account)portfolio transactions effected by the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to ceaseto be the responsibility of the Company and shall become the responsibility responsible of the Fund.
(c) Payment for Shares Designated Portfolio shares redeemed by the Separate Account or the Company on behalf of an Account shall Shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the Fund is properly notified of the redemption order of such Shares shares (unless redemption proceeds are to which order shall be applied to the net of any purchase of Shares of other Portfolios in accordance with Section 1.3(borders) 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 Rules thereunder, and to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then current registration statementprospectus 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 the responsible for such action.
(d) Any purchase or redemption request for Shares Designated Portfolio shares held or to be held in the Company’s 's general account shall be effected at the closing net asset value per Share share next determined after the Fund’s 's receipt of such request, provided that, in the case of a purchase request, payment for Shares 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.
(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 Separate 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 (Hartford Life & Annuity Insurance Co Separate Account Seven)
Purchase and Redemption Procedures. (a) The Fund Adviser, on behalf of the Fund, hereby appoints the Company as its an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares Fund shares that may be held in the general account of the Company)) for shares of those 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 therefor) on any day the New York Stock Exchange is open for trading and on which a Portfolio calculates its net asset value (a "Business Day") pursuant to the rules of the Securities and Exchange Commission (“SEC”), by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) prior to the time that the Fund ordinarily Portfolio calculates its net asset value as described from time to time in the Fund’s prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE) shall constitute receipt and acceptance by the Fund Portfolio on that same Business Day, provided that:
(i) if that the Company transmits Fund or its agent receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 9:30 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company shall pay for Shares shares of each Portfolio on the same day Business Day that it notifies the Fund Adviser of a purchase request for such Sharesshares. Payment for Shares Portfolio shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 6:00 3:00 p.m. Eastern Time on the day Business Day the Fund is notified of the purchase request for Shares Portfolio shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Portfolios effected pursuant to redemption requests tendered by the Company on behalf of an 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 Portfolio shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Adviser'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) Payment for Shares Portfolio shares redeemed by the Account or the Company on behalf of an Account 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 next same Business Day after the Fund is properly notified of the redemption order of such Shares shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other 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 to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then then-current registration statement. 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 actionprospectus.
(d) Any purchase or redemption request for Shares Portfolio shares held or to be held in the Company’s 's general account shall be effected at the closing net asset value per Share 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 Shares 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 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 its agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 2 (but not on behalf of the Accounts listed on Schedules 1, 2 1 and 7, where permitted by applicable law, 7 or with respect to any Shares that may be held in the general account of the Company) for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, Schedule 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares that may be held in the general account of the Company). Receipt of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund’s prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if the Company transmits such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systemsDCC&S platform) and must be transmitted by the Company to the Fund in by the time and manner deadline designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 6:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able Company transmits such request to transmit or receive information the Fund through Fund/SERV means other than the DCC&S platform (e.g., by fax), such request must be received by the Fund by 11:30 9:00 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company shall pay for Shares on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 6:00 4:00 p.m. Eastern Time on the day the Fund is notified of the purchase request for Shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of other Portfolios effected pursuant to redemption requests tendered by the Company on behalf of an Account). 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) Payment for Shares redeemed by the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the Fund is properly notified of the redemption order of such Shares (unless redemption proceeds are to be applied to the purchase of Shares of other Portfolios in accordance with Section 1.3(b) of this Agreement), except that the Fund reserves the right to redeem 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 Rules thereunder, and to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then current registration statement. 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 Shares held or to be held in the Company’s general account or on behalf of the Accounts listed on Schedules 1 and 7 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 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 Trust hereby appoints the Company as its an agent of the Trust for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares Trust shares that may be held in the general account of the Company)) for shares of those 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 therefortherefore) on any day the New York Stock Exchange is open for trading and on which a Fund calculates its net asset value (a “Business Day”) pursuant to the rules of the Securities and Exchange Commission (“SEC”), by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) Trust prior to the time that the Fund Trust ordinarily calculates its net asset value as described from time to time in the FundTrust’s prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE) shall constitute receipt and acceptance by the Fund on that same Business Day, provided that:
(i) if that the Company transmits Trust receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 9:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company shall pay for Shares shares of each Fund on the same day Business Day that it notifies the Fund Trust of a purchase request for such Sharesshares. Payment for Shares Fund 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 6:00 3:00 p.m. Eastern Time on the day Business Day the Fund Trust is notified of the purchase request for Shares Fund shares (unless the Fund Trust determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Portfolios Funds effected pursuant to redemption requests tendered by the Company on behalf of an 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 Fund shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Trust’s request, reimburse the Trust for any charges, costs, fees, interest or other expenses incurred by the Trust in connection with any advances to, or borrowing or overdrafts by the Trust, or any similar expenses incurred by the Trust, as a result of portfolio transactions effected by the 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.
(cb) Payment for Shares Fund shares redeemed by the Account or the Company on behalf of an Account shall be made by the Trust in federal funds transmitted by wire to the Company or any other designated person by 5:00 p.m. Eastern Time on the next same Business Day after the Fund Trust is properly notified of the redemption order of such Shares shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Portfolios Funds in accordance with Section 1.3(b) of this Agreement), except that the Fund 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 to make payment in any manner permitted under accordance with the procedures and policies of the Fund Trust as described in the then then-current registration statementprospectus. 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 Shares Fund shares held or to be held in the Company’s general account shall be effected at the closing net asset value per Share share next determined after the FundTrust’s receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Shares Fund 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 Trust’s prospectus. The Trust reserves the right to redeem Fund Prospectusshares in assets other than cash as limited in accordance with Rule 18f-1 under the 1940 Act.
Appears in 1 contract
Samples: Participation Agreement (SBL Variable Annuity Account Xiv)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as its an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares 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 therefor), by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund’s prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if the Company transmits such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.information
(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 Shares Designated Portfolio shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 6:00 4:00 p.m. Eastern Time on the day the Fund is notified of the purchase request for Shares Designated Portfolio 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 an 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) Payment for Shares Designated Portfolio shares redeemed by the Account or the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the Fund is properly notified of the redemption order of such Shares 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 Rules thereunder, and to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then current registration statementprospectus. 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 Shares Designated Portfolio shares held or to be held in the Company’s 's general account shall be effected at the closing net asset value per Share share next determined after the Fund’s 's receipt of such request, provided that, in the case of a purchase request, payment for Shares 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 by 9:00 a.m. Eastern Time on the Fund Prospectusnext following Business Day.
Appears in 1 contract
Samples: Participation Agreement (Provident Mutual Variable Annuity Separate Account)
Purchase and Redemption Procedures. (a) The Fund Trust, on behalf of the Fund, hereby appoints the Company as its an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares Fund shares that may be held in the general account of the Company)) for shares of those 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 therefor) on any day the New York Stock Exchange is open for trading and on which a Portfolio calculates its net asset value (a “Business Day”) pursuant to the rules of the Securities and Exchange Commission (“SEC”), by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) prior to the time that the Fund ordinarily Portfolio calculates its net asset value as described from time to time in the Fund’s prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE) shall constitute receipt and acceptance by the Fund Portfolio on that same Business Day, provided that:
(i) if that the Company transmits Fund or its agent receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 9:30 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company shall pay for Shares shares of each Portfolio on the same day Business Day that it notifies the Fund Trust of a purchase request for such Sharesshares. Payment for Shares Portfolio shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 6:00 3:00 p.m. Eastern Time on the day Business Day the Fund is notified of the purchase request for Shares Portfolio shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Portfolios effected pursuant to redemption requests tendered by the Company on behalf of an 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 Portfolio shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Trust’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) Payment for Shares Portfolio shares redeemed by the Account or the Company on behalf of an Account 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 next same Business Day after the Fund is properly notified of the redemption order of such Shares shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other 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 to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then then-current registration statement. 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 actionprospectus.
(d) Any purchase or redemption request for Shares Portfolio shares held or to be held in the Company’s general account shall be effected at the closing net asset value per Share share next determined after the Fund’s receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Shares 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 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 its an agent of the Fund for the sole and limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares 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 by the Company as such limited agent of the fund of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, ) that is in good order on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its the net asset value per share of the Designated Portfolios pursuant to the rules of the SEC (a “"Business Day”") prior to the time that the Fund ordinarily calculates its such net asset value values per share as described from time to time in the Fund’s prospectus '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 ordinarily as of the close of regular trading on the NYSENew York Stock Exchange, or 4:00 p.m. Eastern Time)(the "Valuation Time") shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if that the Company transmits Fund or its designated agent receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 a.m. Eastern Time on the next following Business Day. In the event that the parties' trades are placed through NSCC/DTCC, the te1ms of the Networking Agreement between the Company and the Distributor shall govern such trades. To the extent that such Networking Agreement or applicable rules and procedures of the NSCC incorporated therein (collectively, the "NSCC Terms"); or
(ii) If there are technical problems , conflict with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by faxte1ms of this Paragraph l.3(a), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset valueNSCC Terms shall prevail.
(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 Shares purchased Designated Portfolio shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 6:00 4:00 p.m. Eastern Time on the day Business Day the Fund is notified of the purchase request for Shares Designated Portfolio shares (unless which request may be net of redemptions of such shares). If federal funds are not transmitted 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 determines and so advises the Company that sufficient proceeds are available from redemption of Shares of for any reasonable charges, costs, fees, interest or other Portfolios effected pursuant to redemption requests tendered expenses incurred by the Company on behalf 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 an Account)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. In the event that the parties' trades are placed through NSCC/DTCC, the te1ms of the Networking Agreement between the Company and the Distributor shall govern such trades. To the extent that the XXXX Xx0xx conflict with the terms of this Paragraph l.3(b), such XXXX Xx0xx shall prevail.
(c) Payment for Shares Designated Portfolio shares redeemed by the Account or the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other person duly designated person by the Company on the next Business Day after the Fund is properly notified of the redemption order of such Shares shares (unless redemption proceeds are to which order may be applied to the net of any purchase of Shares of other Portfolios in accordance with Section 1.3(borders) 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 the Rule or Rules thereunder, and to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then current registration statementstatutory prospectus and/or statement of additional information ("SAI"). If redemption proceeds are not transmitted on time, the Fund shall promptly, upon the Company's request, reimburse the Company for any reasonable charges, costs, fees, interest or other expenses incurred by the Company in connection with any advances to, or borrowing or overdrafts by, the Company, or ·any similar expenses incurred by the Company, as a result of the Fund's failure to timely provide redemption proceeds. The Fund shall not bear any responsibility whatsoever for the proper disbursement disbursement· or crediting of redemption proceeds by the he Company; the Company alone shall be responsible for such action.
(d) Any purchase or redemption request for Shares Designated Portfolio shares held or to be held in the Company’s 's general account shall be effected at the closing net asset value per Share share next determined after the Fund’s 's receipt of such requestrequest in good order, provided that, in the case of a purchase request, payment for Shares Fund 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 statutory prospectus.
(e) 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 te1ms of the Contracts, or (iv) as otherwise pe1mitted under the te1ms 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. Furthe1more, 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. The Fund shall use its best efforts to make the net asset value per share for each Designated Portfolio (or class thereof) available to the Company by 7:00 p.m. Eastern Time each Business Day, and in any event, as soon as reasonably practicable after the net asset value per share for such Designated Portfolio or class thereof is calculated, and shall calculate such net asset value in accordance with the Fund's statutory prospectus. None of the Fund, any Designated Portfolio, the Distributor, or any of their affiliates shall be liable for any information provided to the Company pursuant to this Agreement which information is based on incorrect info1mation supplied by the Company or any other Participating Insurance Company to the Fund or the Distributor.
Appears in 1 contract
Samples: Participation Agreement (Virtus Variable Insurance Trust)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as its agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules SCHEDULE 1, 2 and AND 7, where permitted by applicable lawWHERE PERMITTED BY APPLICABLE LAW, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules SCHEDULES 4, 5 and AND 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares that may be held in the general account of the Company). Receipt of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“"NYSE”") is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”"BUSINESS DAY") prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund’s 's prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE) shall constitute receipt by the Fund on that same Business Day, provided PROVIDED that:
(i) if the Company transmits such request to the Fund via the National Securities Clearing Corporation’s 's (the “"NSCC”") Fund/SERV System and/or Defined Contribution Clearance & Settlement (“"DCC&S”") platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systemsDCC&S platform) and must be transmitted by the Company to the Fund in by the time and manner deadline designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company shall pay for Shares on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 6:00 p.m. Eastern Time on the day the Fund is notified of the purchase request for Shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of other Portfolios effected pursuant to redemption requests tendered by the Company on behalf of an Account). 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) Payment for Shares redeemed by the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the Fund is properly notified of the redemption order of such Shares (unless redemption proceeds are to be applied to the purchase of Shares of other 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 to make payment in any manner permitted under the procedures and policies of the Fund as described in the then current registration statement. 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 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 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.a.
Appears in 1 contract
Samples: Participation Agreement (Genworth Life of New York VL Separate Account 1)
Purchase and Redemption Procedures. (a) The Fund Distributor hereby appoints the Company as its an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares Fund shares that may be held in the general account of the Company)) for shares of those 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 therefortherefore) on any day the New York Stock Exchange is open for trading and on which a Portfolio calculates its net asset value (a “Business Day”) pursuant to the rules of the Securities and Exchange Commission (“SEC”), by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund’s prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE) shall constitute receipt and acceptance by the Fund Portfolio on that same Business Day, provided that:
(i) if that the Company transmits Fund receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 9:30 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company shall pay for Shares shares of each Portfolio on the same day Business Day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Shares Portfolio shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 6:00 3:00 p.m. Eastern Time on the day Business Day the Fund is notified of the purchase request for Shares Portfolio shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Portfolios effected pursuant to redemption requests tendered by the Company on behalf of an 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 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) Payment for Shares Portfolio shares redeemed by the Account or the Company on behalf of an Account 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 next same Business Day after the Fund is properly notified of the redemption order of such Shares shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other 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 to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then then-current registration statementprospectus and except that the Fund reserves the right to pay any portion of a redemption in kind of portfolio securities, if the Fund’s Board determines that it would be detrimental to the best interests of shareholders to make a redemption wholly in cash. 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 Shares Portfolio shares held or to be held in the Company’s general account shall be effected at the closing net asset value per Share share next determined after the Fund’s receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Shares 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 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 its an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, Account for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to such Accounts the Account or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such the Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares that may be held in the general account of the Company)Account. Receipt of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, ) on any day the New York Stock Exchange (“NYSE”) 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’s prospectus Fund Prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if that the Company transmits Fund receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 9:30 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(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 Shares Designated Portfolio shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 6:00 4:00 p.m. Eastern Time on the day the Fund is notified of the purchase request for Shares Designated Portfolio 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 an the Account). Upon receipt by the Fund 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) Payment for Shares Designated Portfolio shares redeemed by the Account or the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after following the Fund is properly notified of the redemption order of such Shares trade date (unless redemption proceeds are to be applied to the purchase of Shares of other Portfolios in accordance with Section 1.3(b) of this AgreementT+1 settlement), 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 Rules thereunder, and to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then current registration statementprospectus. The Fund 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 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 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 (Sun Life of Canada U S Variable Account I)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the each Company as its an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf for shares of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, Fund based on allocations of amounts to such the Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf arising out of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares that may be held in the general account of the Company)Contracts. Receipt of any such request (or relevant transactional information therefor), therefore) on any Business Day by the any Company as such limited agent of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) prior to the time that the Fund ordinarily calculates its net asset value Fund’s close of business, as described defined from time to time in the Fund’s prospectus Fund Prospectus, (which as of the date of execution of this Agreement is the close of regular trading on the NYSE4 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if that the Company transmits Fund receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 10:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Each Company shall pay for Shares shares of each Series on the same day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Shares Series shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 6:00 p.m. 11:00 a.m. Eastern Time on the day the Fund is notified of the purchase request for Shares Series shares (unless the Fund determines and so advises the such Company that sufficient proceeds are available from redemption of Shares shares of other Portfolios Series effected pursuant to redemption requests tendered by the such Company on behalf of an the Account). Upon receipt of If federal funds so wiredare not received on time, such funds shall cease to will be the responsibility of the Company invested, and shall become the responsibility of the FundSeries shares purchased thereby will be issued, as soon as practicable.
(c) Payment for Shares Series shares redeemed by the any Account or any Company on behalf of an Account shall be made in federal funds transmitted by wire to the such Company or any other designated person on the next Business Day after the Fund is properly notified of the redemption order of such Shares Series shares (unless redemption proceeds are to be applied to the purchase of Shares Fund shares of other Portfolios Series in accordance with Section 1.3(b2.3(b) of this Agreement), except that the Fund reserves the right to delay payment of redemption proceeds to the extent permitted under Section 22(e22(c) of the 1940 Act and any rules thereunder, and to make payment in any manner permitted under the procedures and policies of the Fund as described in the then current registration statement0000 Xxx. The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Companyproceeds; the each Company alone shall be responsible for such action.
(d) Any purchase or redemption request requests for Shares held Fund shares that do not result directly from transactions relating to the Contracts or to be held in the Company’s general account Account shall be effected at the closing net asset value per Share share next determined after the Fund’s receipt of such request, provided that, in the case of a purchase request, payment for Shares 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 (Hancock John Variable Life Account U)
Purchase and Redemption Procedures. (a) The Fund Distributor hereby appoints the Company as its an agent of the Funds for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares Fund shares that may be held in the general account of the Company)) for shares of those 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 therefor) on any day the New York Stock Exchange is open for trading and on which the net asset value is calculated (a "Business Day") pursuant to the rules of the Securities and Exchange Commission (“SEC”), by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) prior to the time that the Fund ordinarily calculates its net asset value of the Funds is calculated as described from time to time in the Fund’s prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE) shall constitute receipt and acceptance by the Fund Distributor on that same Business Day, provided that:
(i) if that the Company transmits Distributor receives notice of such request to by 9:30 a.m. Eastern Time on the Fund next following Business Day via the National Securities Clearing Corporation’s Corporation (the “NSCC”). All orders submitted by the Company are subject to acceptance or rejection by Distributor and/or the Fund, and Distributor and the Fund reserve the right to (i) not accept any order, or (ii) require that any redemption though the NSCC be settled outside the Fund/SERV System and/or system. The Distributor will receive all orders to purchase and redeem Fund shares using the NSCC’s Defined Contribution Clearance & Settlement (“DCC&S”) platform, . Fund shares shall be purchased and redeemed on a net basis for such request must be Accounts in such quantity and at such time determined by Company to correspond with investment instructions received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset valueowners.
(b) The Company shall pay for Shares shares of each Fund on the same day Business Day that it notifies the Fund Distributor of a purchase request for such Sharesshares via the NSCC’s Fund/SERV System. Payment for Shares Funds shares shall be made in federal funds transmitted to the Fund Distributor or other designated person by wire to be received by the Fund by 6:00 4:00 p.m. Eastern Time on the day Business Day the Fund Distributor, is notified of the purchase request for Shares Portfolio shares (unless the Fund Distributor determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Portfolios Funds effected pursuant to redemption requests tendered by the Company on behalf of an the Account, or unless the Distributor on behalf of the Funds otherwise determines and so advises the Company to delay the date of payment, to the extent the Distributor may do so under the 1940 Act). If federal funds are not received on time, such funds will be invested, and Fund shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Distributor’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 Distributor 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 FundDistributor.
(c) Payment for Shares Fund shares redeemed by the Account or the Company on behalf of an Account shall be made by the Distributor in federal funds transmitted by wire to the Company or any other designated person by 4:00 p.m. Eastern Time on the next same Business Day after the Fund Distributor is properly notified of the redemption order of such Shares shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Portfolios Funds in accordance with Section 1.3(b) of this Agreement), except that the Fund Distributor 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 to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then then-current registration statement. 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 actionprospectus.
(d) Any purchase or redemption request for Shares Fund shares held or to be held in the Company’s 's general account shall be effected at the closing net asset value per Share share next determined after the FundDistributor’s receipt in proper form and acceptance of such request, provided that, in the case of a purchase request, payment for Shares Fund shares so requested is received by the Fund Distributor 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 the Company is somehow prohibited from submitting purchase and settlement instructions to the Distributor for Fund Prospectusshares via the NSCC’s DCC&S platform, the following shall apply to this Section: The Distributor agrees to sell the Company those shares of the Funds which Company orders on behalf of any Account, executing such orders on a daily basis at the net asset value next computed after receipt and acceptance by Distributor or its designee. For purposes of this Section, the Company shall be the designee of the Distributor for the receipt of such orders from the Account and receipt by such designee shall constitute receipt by Distributor; provided that Distributor receives notice of such order by 8:00 a.m. Eastern Time on the next following Business Day. The Company shall pay for Fund shares by the scheduled close of federal funds transmissions on the same Business Day it places an order to purchase Fund shares in accordance with this Section. Payment shall be in federal funds transmitted by wire to the Distributor’s designated custodian.
Appears in 1 contract
Samples: Participation Agreement (SBL Variable Annuity Account Xiv)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as its agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares that may be held in the general account of the Company). Receipt of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund’s prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if the Company transmits such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systemsDCC&S platform) and must be transmitted by the Company to the Fund in by the time and manner deadline designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 6:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able Company transmits such request to transmit or receive information the Fund through Fund/SERV means other than the DCC&S platform (e.g., by fax), such request must be received by the Fund by 11:30 9:00 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company shall pay for Shares on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 6:00 1:00 p.m. Eastern Time on the day the Fund is notified of the purchase request for Shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of other Portfolios effected pursuant to redemption requests tendered by the Company on behalf of an Account). 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) Payment for Shares redeemed by the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the Fund is properly notified of the redemption order of such Shares (unless redemption proceeds are to be applied to the purchase of Shares of other 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 to make payment in any manner permitted under the procedures and policies of the Fund as described in the then current registration statement. 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 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 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 its an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, Account (but not with respect to any Fund shares that may be held in the general account of the Company) for the Shares made available hereunder, based on allocations of amounts to such Accounts the Account or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such the Contracts or such the Account. All transactions in Account shares shall be executed through the Omnibus Accounts of Company's affiliate Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx, Inc. ("Omnibus Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares that may be held in the general account of the Company"). Receipt of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, ) on any day the New York Stock Exchange (“NYSE”) 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’s prospectus Fund Prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if that the Company transmits Fund receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 11 a.m. Eastern Time on the next following Business Day. With regard Company will provide to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it Fund or its duly designated agent designee via the NSCC Fund SERV DCC & S platform (which utilizes the "as of" record layout within Fund/SERV) one or more files detailing the instructions received with respect to each Plan prior to 4:00 p.m. ET on the prior Business Day before for each of the time(sFunds. If for any reason Xxxxxxx Xxxxx is unable to transmit the file(s) that with respect to any Business Day, Xxxxxxx Xxxxx will notify the Fund calculates or its net asset valuedesignee by 11:00 a.m. ET on the next following Business Day.
(b) The Company shall pay for Shares on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Shares shall be made in federal funds transmitted to the Fund by wire via the NSCC Fund/SERV DCC&S platform to be received by the Fund by 6:00 4:30 p.m. Eastern Time on the day the Fund is notified of the purchase request for Shares (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 an the Account). Upon receipt of federal funds so wiredtransmitted via the NSCC Fund/SERV DCC&S platform, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.. Notwithstanding any provision of this Agreement to the contrary, for purchase and redemption instructions with respect to any Shares, Company and the Fund will settle the purchase and redemption transactions referred to herein, via the NSCC Fund/SERV platform settlement process on the next Business Day following the effective trade date. The Fund will provide to Company a daily transmission of positions and trading activity taking place in the Omnibus Accounts using a method that is agreed upon by the Company and the Distributor
(c) Payment for Shares redeemed by the Account or the Company on behalf of an Account shall be made in federal funds transmitted by wire via the NSCC Fund/SERV DCC&S platform to the Company or any other designated person on the next Business Day after the Fund is properly notified of the redemption order of such Shares (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), except that the Fund reserves the right to redeem 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 Rules thereunder, and to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then current registration statementprospectus. 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 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 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 (Ml of New York Variable Annuity Separate Account D)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as its agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules Schedules 2 and 7 or with respect to any Shares that may be held in the general account of the Company). Receipt of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund’s prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if the Company transmits such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systemsDCC&S platform) and must be transmitted by the Company to the Fund in by the time and manner deadline designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 6:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able Company transmits such request to transmit or receive information the Fund through Fund/SERV means other than the DCC&S platform (e.g., by fax), such request must be received by the Fund by 11:30 9:00 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company shall pay for Shares on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 6:00 1:00 p.m. Eastern Time on the day the Fund is notified of the purchase request for Shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of other Portfolios effected pursuant to redemption requests tendered by the Company on behalf of an Account). 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) Payment for Shares redeemed by the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the Fund is properly notified of the redemption order of such Shares (unless redemption proceeds are to be applied to the purchase of Shares of other 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 to make payment in any manner permitted under the procedures and policies of the Fund as described in the then current registration statement. 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 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 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 Trust hereby appoints the Company as its agent the designee of the Trust for the sole and limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares Trust shares that may be held in the general account of the Company)) for shares of the Designated Funds, based on allocations of amounts to the Accounts (or sub-accounts thereof) under the Contracts and other transactions relating to the Contracts or the Accounts. Receipt by the Company as such designee of the Trust of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, therefore) in good order on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund Trust calculates its the net asset value per share of the Designated Funds pursuant to the rules of the SEC (a “"Business Day”") prior to the time that the Fund Trust ordinarily calculates its such net asset value per share as described from time to time in the Fund’s Trust's then current statutory prospectus and SAI (which as of the date of execution of this Agreement is the close of regular trading on the NYSE4:00 p.m. Eastern Time) shall constitute receipt by the Fund Trust on that same Business Day, provided that:
(i) if that the Company transmits Trust or its designated agent receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 10:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company shall pay for Shares shares of a Designated Fund on the same day that it notifies the Fund Trust of a purchase request for such Sharesshares. Payment for Shares purchased Designated Fund shares shall be made in federal funds transmitted to the Fund Trust by wire to be received by the Fund Trust by 6:00 4:00 p.m. Eastern Time on the day Business Day the Fund Trust is notified of the purchase request for Shares Designated Fund shares (unless the which request may be net of redemptions of such shares). If federal funds are not received on time, such funds will be invested, and Designated Fund determines shares purchased thereby will be issued, as soon as practicable and so advises the Company that sufficient proceeds are available from redemption of Shares of shall promptly, upon the Trust's request, reimburse the Trust for any charges, costs, fees, interest or other Portfolios effected pursuant to redemption requests tendered expenses incurred by the Company on behalf Trust in connection with any advances to, or borrowing or overdrafts by, the Trust, or any similar expenses incurred by the Trust, as a result of an Account)portfolio transactions effected by the 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) Payment for Shares Designated Fund shares redeemed by the Accounts or the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other person duly designated person by the Company to be received by 4:00 p.m. on the next Business Day after the Fund Trust is properly notified of the redemption order of such Shares shares (unless redemption proceeds are to which order may be applied to the purchase net of Shares of other 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 to make payment in any manner permitted under the procedures and policies of the Fund as described in the then current registration statement. 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 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 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.any
Appears in 1 contract
Samples: Participation Agreement (Jefferson National Life Annuity Account G)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as its agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules SCHEDULE 1, 2 and AND 7, where permitted by applicable lawWHERE PERMITTED BY APPLICABLE LAW, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules SCHEDULES 4, 5 and AND 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares that may be held in the general account of the Company). Receipt of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“"NYSE”") is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”"BUSINESS DAY") prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund’s 's prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE) shall constitute receipt by the Fund on that same Business Day, provided PROVIDED that:
(i) if the Company transmits such request to the Fund via the National Securities Clearing Corporation’s 's (the “"NSCC”") Fund/SERV System and/or Defined Contribution Clearance & Settlement (“"DCC&S”") platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systemsDCC&S platform) and must be transmitted by the Company to the Fund in by the time and manner deadline designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 6:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able Company transmits such request to transmit or receive information the Fund through Fund/SERV means other than the DCC&S platform (e.g., by fax), such request must be received by the Fund by 11:30 9:00 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company shall pay for Shares on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 6:00 1:00 p.m. Eastern Time on the day the Fund is notified of the purchase request for Shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of other Portfolios effected pursuant to redemption requests tendered by the Company on behalf of an Account). 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) Payment for Shares redeemed by the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after day the Fund is properly notified of the redemption order of such Shares (unless redemption proceeds are to be applied to the purchase of Shares of other 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 to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then current registration statement. 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 Shares held or to be held in the Company’s 's general account shall be effected at the closing net asset value per Share next determined after the Fund’s 's receipt of such request, provided PROVIDED that, in the case of a purchase request, payment for 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 (Genworth Life & Annuity VL Separate Account 1)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as its an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, Account (but not with respect to any Fund shares that may be held in the general account of the Company) for the Shares made available hereunder, based on allocations of amounts to such Accounts the Account or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such the Contracts or such the Account. All transactions in Account shares shall be executed through the Omnibus Accounts of Company’s affiliate Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx, Inc. (“Omnibus Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares that may be held in the general account of the Company”). Receipt of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, ) on any day the New York Stock Exchange (“NYSE”) 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’s prospectus Fund Prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if that the Company transmits Fund receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 11 a.m. Eastern Time on the next following Business Day. With regard Company will provide to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it Fund or its duly designated agent designee via the NSCC Fund SERV DCC & S platform (which utilizes the “as of” record layout within Fund/SERV) one or more files detailing the instructions received with respect to each Plan prior to 4:00 p.m. ET on the prior Business Day before for each of the time(sFunds. If for any reason Xxxxxxx Xxxxx is unable to transmit the file(s) that with respect to any Business Day, Xxxxxxx Xxxxx will notify the Fund calculates or its net asset valuedesignee by 11:00 a.m. ET on the next following Business Day.
(b) The Company shall pay for Shares on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Shares shall be made in federal funds transmitted to the Fund by wire via the NSCC Fund/SERV DCC&S platform to be received by the Fund by 6:00 4:30 p.m. Eastern Time on the day the Fund is notified of the purchase request for Shares (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 an the Account). Upon receipt of federal funds so wiredtransmitted via the NSCC Fund/SERV DCC&S platform, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund.. Notwithstanding any provision of this Agreement to the contrary, for purchase and redemption instructions with respect to any Shares, Company and the Fund will settle the purchase and redemption transactions referred to herein, via the NSCC Fund/SERV platform settlement process on the next Business Day following the effective trade date. The Fund will provide to Company a daily transmission of positions and trading activity taking place in the Omnibus Accounts using a method that is agreed upon by the Company and the Distributor
(c) Payment for Shares redeemed by the Account or the Company on behalf of an Account shall be made in federal funds transmitted by wire via the NSCC Fund/SERV DCC&S platform to the Company or any other designated person on the next Business Day after the Fund is properly notified of the redemption order of such Shares (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), except that the Fund reserves the right to redeem 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 Rules thereunder, and to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then current registration statementprospectus. 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 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 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 (Ml of New York Variable Annuity Separate Account D)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as its an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares the Fund shares that may be held in the general account of the Company)) for shares of those 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 therefor), by the Company as such limited agent of the Fund, ) on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund 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’s 's prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE) shall constitute receipt and acceptance by the Fund on that same Business Day, provided that:
(i) if that the Company transmits Fund receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 9:30 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company shall pay for Shares shares of each Fund on the same day Business Day that it notifies the Fund of a purchase request for such Sharesshares. Payment for 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 6:00 3:00 p.m. Eastern Time on the day Business Day the Fund is notified of the purchase request for Shares Fund shares (unless the Fund otherwise determines and so advises the Company that sufficient proceeds to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If federal funds are available from redemption of Shares of not received on time, such funds will be invested, and 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 Portfolios effected pursuant to redemption requests tendered expenses incurred by the Company on behalf 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 an Account)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) Payment for Shares Fund shares redeemed by the Account or the Company on behalf of an Account 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 next same Business Day after the Fund is properly notified of the redemption order of such Shares (unless redemption proceeds are to be applied to the purchase of Shares of other Portfolios in accordance with Section 1.3(b) of this Agreement)shares, 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 to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then then-current registration statement. 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 actionprospectus.
(d) Any purchase or redemption request for Shares Fund shares held or to be held in the Company’s 's general account shall be effected at the closing net asset value per Share 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 Shares 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 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 its an agent of the Fund for the sole and limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares 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 by the Company as such limited agent of the fund of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, ) that is in good order on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its the net asset value per share of the Designated Portfolios pursuant to the rules of the SEC (a “Business Day”) prior to the time that the Fund ordinarily calculates its such net asset value values per share as described from time to time in the Fund’s prospectus 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 the close of regular trading on the NYSE4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if that the Company transmits Fund or its designated agent receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(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 Shares purchased Designated Portfolio shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 6:00 4:00 p.m. Eastern Time on the day Business Day the Fund is notified of the purchase request for Shares Designated Portfolio shares (unless which request may be net of redemptions of such 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 shall promptly, upon the Fund’s request, reimburse the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of for any charges, costs, fees, interest or other Portfolios effected pursuant to redemption requests tendered expenses incurred by the Company on behalf 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 an Account)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) Payment for Shares Designated Portfolio shares redeemed by the Account or the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other person duly designated person by the Company on the next Business Day after the Fund is properly notified of the redemption order of such Shares shares (unless redemption proceeds are to which order may be applied to the net of any purchase of Shares of other Portfolios in accordance with Section 1.3(borders) 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 the Rule or Rules thereunder, and to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then current registration statementstatutory 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 Shares Designated Portfolio shares held or to be held in the Company’s general account shall be effected at the closing net asset value per Share share next determined after the Fund’s receipt of such requestrequest in good order, provided that, in the case of a purchase request, payment for Shares Fund 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 statutory prospectus.
(e) 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 1 contract
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as its an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, Account for Shares shares of those Designated Portfolios made available hereunder, based on allocations of amounts to such Accounts the Account or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such the Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares that may be held in the general account of the Company)Account. Receipt of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, ) on any day the New York Stock Exchange (“NYSE”) 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’s prospectus Fund Prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if that the Company transmits Fund receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(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 Shares Designated Portfolio shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 6:00 4:00 p.m. Eastern Time on the day the Fund is notified of the purchase request for Shares Designated Portfolio 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 an the Account). 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) Payment for Shares Designated Portfolio shares redeemed by the Account or the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after when the Fund is properly notified of the redemption order of such Shares 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 Rules thereunder, and to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then current registration statement. 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 actionprospectus.
(d) Any purchase or redemption request for 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 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 (Delaware Life Variable Account F)
Purchase and Redemption Procedures. (a) The Fund hereby appoints For purposes of Sections 1.1 and 1.2, the Company as its shall be an agent of the Funds for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares Fund shares that may be held in the general account of the Company)) for shares of those Designated 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 therefor)) on any day the New York Stock Exchange, Inc. is open for trading and on which a Designated Fund calculates its net asset value (a "Business Day") pursuant to the rules of the SEC by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) Funds prior to the time that the Fund Funds ordinarily calculates its net asset value as described from time to time in the each Designated Fund’s 's prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE) shall constitute receipt and acceptance by the Designated Fund on that same Business Day, provided that:
(i) if that the Company transmits Fund or its agent receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 8:30 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company shall pay for Shares shares of each Designated Fund on the same day that it notifies the Fund or its agent of a purchase request for such Sharesshares. Payment for Shares Designated 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 6:00 2:00 p.m. Eastern Time on the day the Fund is notified of the purchase request for Shares Designated Fund shares (unless which request may be net of redemptions of shares). If federal funds are not received on time, such funds will be invested, and Designated Fund shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Fund's request, reimburse the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of or CGM, as appropriate, for any charges, costs, fees, interest or other Portfolios effected pursuant to redemption requests tendered expenses incurred by the Company on behalf Funds or CGM in connection with any advances to, or borrowing or overdrafts by, the Funds, or any similar expenses incurred by the Funds, as a result of an Account)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) Payment for Shares Designated Fund shares redeemed by the Account or the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the Fund or its agent is properly notified of the redemption order of such Shares shares (unless redemption proceeds are to which order shall be applied to the net of any purchase of Shares of other Portfolios in accordance with Section 1.3(b) of this Agreementorders), except that the Fund reserves the right to may redeem Designated Fund shares in assets other than cash and delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any rules thereunder, and to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then current registration statementprospectus 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 Shares Designated Fund shares held or to be held in the Company’s 's general account shall be effected at the closing net asset value per Share share next determined after the Fund’s receipt and acceptance of such requestrequest by the Fund or its agent, provided that, in the case of a purchase request, payment for Shares 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 each Designated Fund's prospectus.
(e) The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund Prospectusshares 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 CGM, 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 Funds 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 Funds 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 Fund that was otherwise available under the Contracts without first giving the Funds 45 days notice of its intention to do so.
Appears in 1 contract
Samples: Participation Agreement (Jefferson National Life Annuity Account E)
Purchase and Redemption Procedures. (a) The Fund Underwriter hereby appoints the Company as its an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, Account (but not with respect to any Fund shares that may be held in the general account of the Company) for the Shares made available hereunder, based on allocations of amounts to such Accounts the Account or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such the Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares that may be held in the general account of the Company)Account. Receipt of any Any such request (or relevant transactional information therefor), ) received by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “"Business Day”") prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund’s prospectus Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall be executed by the Transfer Agent at the net asset value determined as of the close of regular trading on the NYSE) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if that the Company transmits Transfer Agent receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 10 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if in the parties are not able to transmit or receive information through Fund/SERV (e.g., event of systems issues necessitating later delivery of such purchase and redemption requests by fax), such request must be received by the Fund by 11:30 11 a.m. Eastern Time on the next following Business Day. With regard Company will provide to purchase and redemptions the Transfer Agent or its designee via the NSCC Fund SERV DCC & S platform (which utilizes the "as of" record layout within Fund/SERV) one or more files detailing the instructions received with respect to each Plan prior to 4:00 p.m. Eastern Time on the prior Business Day for each of Shares under this Section 1.3(a)the Funds. If for any reason Company is unable to transmit the file(s) with respect to any Business Day, Company will notify the Transfer Agent or its designee by 11:00 a.m. Eastern Time on the next following Business Day. The Company shall maintain records that will enable the Company to demonstrate the time each order is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset valuereceived.
(b) The Company shall pay for Shares on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Shares shall be made in federal funds transmitted to the Fund by wire to be received by the applicable Fund custodial account by 6:00 4:00 p.m. Eastern Time on the day the Fund is notified of the purchase request for Shares (unless the Fund Company 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 an the Account). 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) Payment for Shares redeemed by the Account or the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the Fund is properly notified of the redemption order of such Shares (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), except that the Fund reserves the right to redeem 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 Rules thereunder, and to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then current registration statementprospectus. 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 Shares held or to be held in the Company’s 's general account shall be effected at the closing net asset value per Share share next determined after the Fund’s 's receipt of such request, provided that, in the case of a purchase request, payment for 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. If payment is not timely received, such order will be, at Underwriter's option, either (i) executed at the net asset value determined on the trade date, and the Company shall be responsible for all costs to the Underwriter or the Fund resulting from such delay, or (ii) executed at the net asset value next computed following receipt of payment.
Appears in 1 contract
Samples: Participation Agreement (Ml of New York Variable Annuity Separate Account D)
Purchase and Redemption Procedures. (a) The Fund Underwriter hereby appoints the Company as its agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, Account (but not with respect to any Fund shares that may be held in the general account of the Company) for the Shares made available hereunder, based on allocations of amounts to such Accounts the Account or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such the Contracts or such the Account. All transactions in Account shares shall be executed through the Omnibus Accounts of Company's affiliate Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx, Inc. ("Omnibus Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares that may be held in the general account of the Company"). Receipt of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, ) on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the a 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’s prospectus Fund Prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if that the Company transmits Underwriter receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 9:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company shall pay for Shares on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Shares shall be made in federal funds transmitted will provide to the Fund by wire or its designee via the NSCC Fund SERV DCC & S platform (which utilizes the "as of" record layout within Fund/SERV) one or more files detailing the instructions received with respect to be received by each Plan prior to 4:00 p.m. ET on the prior Business Day for each of the Funds. If for any reason Xxxxxxx Xxxxx is unable to transmit the file(s) with respect to any Business Day, Xxxxxxx Xxxxx will notify the Fund or its designee by 6:00 p.m. Eastern Time on the day the Fund is notified of the purchase request for Shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of other Portfolios effected pursuant to redemption requests tendered by the Company on behalf of an Account). 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) Payment for Shares redeemed by the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other designated person 11:00 a.m. ET on the next following Business Day after the Fund is properly notified of the redemption order of such Shares (unless redemption proceeds are to be applied Day. Except as provided above, Company shall not be, nor hold itself out to the purchase of Shares of other 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 to make payment public or engage in any manner permitted under the procedures and policies of the Fund activity as described in the then current registration statement. The Fund shall not bear any responsibility whatsoever an agent or distributor for the proper disbursement Funds, the Underwriter or crediting any of redemption proceeds by the Company; the Company alone shall be responsible for such actiontheir respective affiliates.
(d) Any purchase or redemption request for 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 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 (Merrill Lynch Life Variable Annuity Separate Account D)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as its an agent of the Fund for the sole and limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares 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 by the Company as such limited agent of the fund of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, ) that is in good order on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its the net asset value per share of the Designated Portfolios pursuant to the rules of the SEC (a “Business Day”) prior to the time that the Fund ordinarily calculates its such net asset value values per share as described from time to time in the Fund’s prospectus 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 ordinarily as of the close of regular trading on the NYSENew York Stock Exchange, or 4:00 p.m. Eastern Time) (the “Valuation Time”) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if that the Company transmits Fund or its designated agent receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 a.m. Eastern Time on the next following Business Day. In the event that the parties’ trades are placed through NSCC/DTCC, the terms of the Networking Agreement between the Company and the Distributor shall govern such trades. To the extent that such Networking Agreement or applicable rules and procedures of the NSCC incorporated therein (collectively, the “NSCC Terms”); or
(ii) If there are technical problems , conflict with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by faxterms of this Paragraph 1.3(a), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset valueNSCC Terms shall prevail.
(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 Shares purchased Designated Portfolio shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 6:00 4:00 p.m. Eastern Time on the day Business Day the Fund is notified of the purchase request for Shares Designated Portfolio shares (unless which request may be net of redemptions of such shares). If federal funds are not transmitted 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 determines and so advises the Company that sufficient proceeds are available from redemption of Shares of for any reasonable charges, costs, fees, interest or other Portfolios effected pursuant to redemption requests tendered expenses incurred by the Company on behalf 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 an Account)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. In the event that the parties’ trades are placed through NSCC/DTCC, the terms of the Networking Agreement between the Company and the Distributor shall govern such trades. To the extent that the NSCC Terms conflict with the terms of this Paragraph 1.3(b), such NSCC Terms shall prevail.
(c) Payment for Shares Designated Portfolio shares redeemed by the Account or the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other person duly designated person by the Company on the next Business Day after the Fund is properly notified of the redemption order of such Shares shares (unless redemption proceeds are to which order may be applied to the net of any purchase of Shares of other Portfolios in accordance with Section 1.3(borders) 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 the Rule or Rules thereunder, and to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then current registration statementstatutory prospectus and/or statement of additional information (“SAI”). If redemption proceeds are not transmitted on time, the Fund shall promptly, upon the Company’s request, reimburse the Company for any reasonable charges, costs, fees, interest or other expenses incurred by the Company in connection with any advances to, or borrowing or overdrafts by, the Company, or any similar expenses incurred by the Company, as a result of the Fund’s failure to timely provide redemption proceeds. 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 Shares Designated Portfolio shares held or to be held in the Company’s general account shall be effected at the closing net asset value per Share share next determined after the Fund’s receipt of such requestrequest in good order, provided that, in the case of a purchase request, payment for Shares Fund 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 statutory prospectus.
(e) 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 30 days notice of its intention to do so. The Fund shall use its best efforts to make the net asset value per share for each Designated Portfolio (or class thereof) available to the Company by 7:00 p.m. Eastern Time each Business Day, and in any event, as soon as reasonably practicable after the net asset value per share for such Designated Portfolio or class thereof is calculated, and shall calculate such net asset value in accordance with the Fund’s statutory prospectus. None of the Fund, any Designated Portfolio, the Distributor, or any of their affiliates shall be liable for any information provided to the Company pursuant to this Agreement which information is based on incorrect information supplied by the Company or any other Participating Insurance Company to the Fund or the Distributor.
Appears in 1 contract
Samples: Participation Agreement (Virtus Variable Insurance Trust)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as its an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares 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 therefor), by the Company as such limited agent of the Fund, ) on any day the New York Stock Exchange (“NYSE”) 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’s prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE) 's prospectus, shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if that the Company transmits Fund receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 9:30 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(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 Shares Designated Portfolio shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 6:00 p.m. noon (s) available to the Company on a daily basis as soon as reasonably practicable after the net asset value per share is calculated but shall use its best efforts to make such net asset value available by 6:30 p.m, Eastern Time on time. In the day event that the Fund is notified unable to meet the 6:30 pm. Time stated herein, it shall provide additional time for the Company to place orders for the purchase and redemption of shares. Such additional time shall be equal to the additional time which fund takes to make the net asset value available to the Company. If the Fund provides the Company with materially incorrect share net asset value information through no fault of the purchase request for Shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of other Portfolios effected pursuant to redemption requests tendered by Company, the Company on behalf of the separate accounts, shall be entitled to an Account)adjustment to the number of shares purchased or redeemed to reflect the correct share net asset value. Upon receipt Any material error in the calculation of federal funds so wirednet asset value per share, divided or capital gain information shall be reported promptly upon discovery to the Company. At the end of each Business Day, the Company shall use the information described in herein to calculate separate account unit values for the day. Using these unit values, the Company shall process each such funds shall cease to be Business Day's separate account transactions based on requests and premiums received by it by the responsibility close of trading on the floor of the Company and New York Stock Exchange (currently 4:00 p.m., Eastern time) to determine the net dollar amount of Fund shares which shall become the responsibility of the Fund.
(c) Payment for Shares be purchased or redeemed at that day's closing net asset value per share. The net purchase or redemption orders so determined shall be transmitted to Fund by the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other designated person 9:00 a.m., Eastern time on the next Business Day after next following the Fund is properly notified of the redemption order Company's receipt of such Shares (unless redemption proceeds are to be applied to requests and premiums in accordance with the terms of this agreement. If the company's order requests the purchase of Shares of other Portfolios Fund shares, the Company shall pay for such purchase by wiring federal funds to Fund or its designated custodial account on the day the order is transmitted by the Company. If the Company's order requests a net redemption resulting in accordance with Section 1.3(b) of this Agreement), except that the Fund reserves the right to delay a payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any rules thereunderCompany, and to make payment in any manner permitted under the procedures and policies of the Fund as described in the then current registration statement. The Fund shall not bear use it best efforts to wire the redemption proceeds to the Company by the next Business Day, unless doing so would require Fund to dispose of Designated Portfolio securities or otherwise incur additional costs. In any responsibility whatsoever event, proceeds shall be wired to the Company within three Business Days or such longer period permitted by the '40 Act or the rules, orders or regulations thereunder and Fund shall notify the person designated in writing by the Company as the recipient for such notice of such delay by 3:00 p.m., Eastern time the proper disbursement or crediting same Business Day that the Company transmits the redemption order to Fund. If the Company's order requests the application of redemption proceeds by from the Company; redemption of shares to the purchase of shares of another Designated Portfolio as shown on Schedule A, Fund shall so apply such proceeds on the same Business Day that the Company alone shall be responsible for transmits such action.
(d) Any purchase or redemption request for Shares held or order 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 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 (Allstate Life of New York Separate Account A)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as its an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, Account for Shares of those Designated Portfolios made available hereunder, based on allocations of amounts to such Accounts the Account or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such the Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares that may be held in the general account of the Company)Account. Receipt of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, therefore) on any day the New York Stock Exchange (“NYSE”) 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’s prospectus Fund Prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if that the Company transmits Fund receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 9:30 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(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 6:00 the end of the Business Day (normally 5:00 p.m. Eastern Time on time) on, the day 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 an the Account). 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 on behalf of an Account normally shall be made in federal funds transmitted by wire to the Company or any other designated person by the end of the Business Day (normally 5:00 p.m. Eastern time) on the next same Business Day after the Fund is properly notified of the redemption order 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), 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 to make payment in any manner permitted under the procedures and policies of the Fund as described in the then current registration statement. 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 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 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 (Nationwide Vli Separate Account 4)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as its agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 2 (but not on behalf of the Accounts listed on Schedules 1, 2 1 and 7, where permitted by applicable law, 7 or with respect to any Shares that may be held in the general account of the Company) for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, Schedule 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares that may be held in the general account of the Company). Receipt of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund’s prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if the Company transmits such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systemsDCC&S platform) and must be transmitted by the Company to the Fund in by the time and manner deadline designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 6:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able Company transmits such request to transmit or receive information the Fund through Fund/SERV means other than the DCC&S platform (e.g., by fax), such request must be received by the Fund by 11:30 9:00 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company shall pay for Shares on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 6:00 1:00 p.m. Eastern Time on the day the Fund is notified of the purchase request for Shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares of other Portfolios effected pursuant to redemption requests tendered by the Company on behalf of an Account). 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) Payment for Shares redeemed by the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the Fund is properly notified of the redemption order of such Shares (unless redemption proceeds are to be applied to the purchase of Shares of other Portfolios in accordance with Section 1.3(b) of this Agreement), except that the Fund reserves the right to redeem 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 Rules thereunder, and to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then current registration statement. 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 Shares held or to be held in the Company’s general account or on behalf of the Accounts listed on Schedules 1 and 7 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 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 Trust hereby appoints the Company as its agent the designee of the Trust for the sole and limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares Trust shares that may be held in the general account of the Company)) for shares of the Designated Funds, based on allocations of amounts to the Accounts (or sub-accounts thereof) under the Contracts and other transactions relating to the Contracts or the Accounts. Receipt by the Company as such designee of the Trust of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, ) in good order on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund Trust calculates its the net asset value per share of the Designated Funds pursuant to the rules of the SEC (a “"Business Day”") prior to the time that the Fund Trust ordinarily calculates its such net asset value per share as described from time to time in the Fund’s Trust's then current statutory prospectus and SAI (which as of the date of execution of this Agreement is the close of regular trading on the NYSE4:00 p.m. Eastern Time) shall constitute receipt by the Fund Trust on that same Business Day, provided that:
(i) if that the Company transmits Trust or its designated agent receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 10:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company shall pay for Shares shares of a Designated Fund on the same day that it notifies the Fund Trust of a purchase request for such Sharesshares. Payment for Shares purchased Designated Fund shares shall be made in federal funds transmitted to the Fund Trust by wire to be received by the Fund Trust by 6:00 4:00 p.m. Eastern Time on the day Business Day the Fund Trust is notified of the purchase request for Shares Designated Fund shares (unless the which request may be net of redemptions of such shares). If federal funds are not received on time, such funds will be invested, and Designated Fund determines shares purchased thereby will be issued, as soon as practicable and so advises the Company that sufficient proceeds are available from redemption of Shares of shall promptly, upon the Trust's request, reimburse the Trust for any charges, costs, fees, interest or other Portfolios effected pursuant to redemption requests tendered expenses incurred by the Company on behalf Trust in connection with any advances to, or borrowing or overdrafts by, the Trust, or any similar expenses incurred by the Trust, as a result of an Account)portfolio transactions effected by the 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) Payment for Shares Designated Fund shares redeemed by the Accounts or the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other person duly designated person by the Company to be received by 4:00 p.m. on the next Business Day after the Fund Trust is properly notified of the redemption order of such Shares shares (unless redemption proceeds are to which order may be applied to the net of any purchase of Shares of other Portfolios in accordance with Section 1.3(borders) of this Agreement), except that the Fund Trust reserves the right to redeem Designated Fund 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 to make payment in any manner permitted under accordance with the procedures and policies of the Fund Trust as described in the its then current registration statementstatutory prospectus and 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 Shares Designated Fund shares held or to be held in the Company’s 's general account shall be effected at the closing net asset value per Share share next determined after the Fund’s Trust's receipt of such requestrequest in good order, provided that, in the case of a purchase request, payment for Shares Trust shares so requested is received by the Fund Trust 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 Trust's then current statutory prospectus.
(e) The Company shall not redeem shares of the Designated Funds attributable to the Contracts (as opposed to shares of the Designated Funds attributable to the Company's assets held in the Accounts) 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, or (iv) as otherwise permitted under the terms of the Contracts. 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.
(f) The Trust shall make the net asset value per share for each Designated Fund Prospectusavailable to the Company as soon as reasonably practicable after the net asset value per share for such Designated Fund is calculated and shall use its best efforts to make such net asset value per share available by 7:00 p.m. Eastern Time each Business Day, and in any event, as, and shall calculate such net asset value in accordance with the Trust's then current statutory prospectus and SAI. Neither the Trust, any Designated Fund, the Distributor, nor any of their affiliates shall be liable for any information provided to the Company pursuant to this Agreement which information is based on incorrect information supplied by the Company to the Trust or the Distributor.
(g) The Trust or the Distributor shall report promptly to the Company upon discovery any material error in the calculation or reporting of net asset value per share, dividend or capital gain information. A material error in the calculation of net asset value per share shall be corrected in accordance with the procedures for correcting net asset value errors adopted by the Board and in effect at the time of the error. The Trust represents and warrants that its procedures for correcting net asset value errors, including determinations of materiality, comply and will continue to comply with the 1940 Act and generally accepted SEC staff interpretations concerning pricing errors. The Distributor shall indemnify and hold Company harmless from any all losses, costs and expenses related to a material error in the calculation of the net asset value per share.
Appears in 1 contract
Samples: Participation Agreement (Jefferson National Life Annuity Account G)
Purchase and Redemption Procedures. (a) The Fund Trust hereby appoints the Company as its an agent of the Trust for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares Trust shares that may be held in the general account of the Company)) for shares of those 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 therefortherefore) on any day the New York Stock Exchange is open for trading and on which a Fund calculates its net asset value (a “Business Day”) pursuant to the rules of the Securities and Exchange Commission (“SEC”), by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) Trust prior to the time that the Fund Trust ordinarily calculates its net asset value as described from time to time in the FundTrust’s prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE) shall constitute receipt and acceptance by the Fund on that same Business Day, provided that:
(i) if that the Company transmits Trust receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 9:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company shall pay for Shares shares of each Fund on the same day Business Day that it notifies the Fund Trust of a purchase request for such Sharesshares. Payment for Shares Fund 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 6:00 3:00 p.m. Eastern Time on the day Business Day the Fund Trust is notified of the purchase request for Shares Fund shares (unless the Fund Trust determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Portfolios Funds effected pursuant to redemption requests tendered by the Company on behalf of an 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 Fund shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the Trust ‘s request, reimburse the Trust for any charges, costs, fees, interest or other expenses incurred by the Trust in connection with any advances to, or borrowing or overdrafts by the Trust, or any similar expenses incurred by the Trust, as a result of portfolio transactions effected by the 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.
(cb) Payment for Shares Fund shares redeemed by the Account or the Company on behalf of an Account shall be made by the Trust in federal funds transmitted by wire to the Company or any other designated person by 5:00 p.m. Eastern Time on the next same Business Day after the Fund Trust is properly notified of the redemption order of such Shares shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other Portfolios Funds in accordance with Section 1.3(b) of this Agreement), except that the Fund 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 to make payment in any manner permitted under accordance with the procedures and policies of the Fund Trust as described in the then then-current registration statementprospectus. 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 Shares Fund shares held or to be held in the Company’s general account shall be effected at the closing net asset value per Share share next determined after the FundTrust’s receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Shares Fund 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 Trust’s prospectus. The Trust reserves the right to redeem Fund Prospectusshares in assets other than cash as limited in accordance with Rule 18f-1 under the 1940 Act.
Appears in 1 contract
Samples: Participation Agreement (Variable Annuity Account A)
Purchase and Redemption Procedures. (a) The Fund Adviser hereby appoints the Company as its an agent of the Funds for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, Account (but not with respect to any Fund shares that may be held in the general account of the Company) for the Shares made available hereunder, based on allocations of amounts to such Accounts the Account or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such the Contracts or such the Account. All transactions in Account shares shall be executed through the Omnibus Accounts of Company's affiliate Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx, Inc. ("Omnibus Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares that may be held in the general account of the Company"). Receipt of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, ) on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its Funds calculate their net asset value pursuant to the rules of the SEC (a “"Business Day”") by the Company as such limited agent of the Funds prior to the time that the Fund Funds ordinarily calculates its their net asset value as described from time to time in the Fund’s prospectus Fund Prospectuses (which as of the date of execution of this Agreement is the close of regular trading on the NYSE4:00 p.m. Eastern Time) shall constitute receipt by the Fund Funds on that same Business Day, provided that:
(i) if that the Company transmits Funds receive notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 9:30 a.m. Eastern Time on the next following Business Day. With regard Such request will be submitted to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it Funds or its duly designated agent each designee by initiating one or more order files through the NSCC Fund SERV DCC&S platform by 6:00 a.m. ET (which utilizes the "as of" record layout within Fund/SERV) which will detail the instructions received with respect to the Designated Portfolios prior to 4:00 p.m. ET on the prior Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company shall pay for Shares on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Shares shall be made in federal funds transmitted to the Fund by wire to be received by the Fund by 6:00 p.m. Eastern Time on the day the Fund is notified each of the purchase request Funds. If for Shares (unless any reason Xxxxxxx Xxxxx is unable to transmit the Fund determines and so advises file(s) with respect to any Business Day, Xxxxxxx Xxxxx will notify the Company that sufficient proceeds are available from redemption of Shares of other Portfolios effected pursuant to redemption requests tendered Funds or their designee as such by the Company on behalf of an Account). 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) Payment for Shares redeemed by the Company on behalf of an Account shall be made in federal funds transmitted by wire to the Company or any other designated person 9:30 a.m. ET on the next following Business Day after and submit the Fund is properly notified of the redemption order of such Shares (unless redemption proceeds are to be applied to the purchase of Shares of other Portfolios in accordance with Section 1.3(b) of this Agreement), except by 11:00 a.m. ET 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 to make payment in any manner permitted under the procedures and policies of the Fund as described in the then current registration statement. 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 actionday.
(d) Any purchase or redemption request for 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 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 (Ml of New York Variable Annuity Separate Account D)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as its an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, Account for Shares of those Designated Portfolios made available hereunder, based on allocations of amounts to such Accounts the Account or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such the Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares that may be held in the general account of the Company)Account. Receipt of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, therefore) on any day the New York Stock Exchange (“NYSE”) 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’s prospectus Fund Prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if that the Company transmits Fund receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 9:30 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(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 6:00 12:00 p.m. Eastern Time on the day 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 an 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 fluids 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 on behalf of an Account normally shall be made in federal funds transmitted by wire to the Company or any other designated person on the next same Business Day after that the Fund is properly notified of the redemption order of 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), 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 to make payment in any manner permitted under the procedures and policies of the Fund as described in the then current registration statement. 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 No Designated Portfolio Shares shall be purchased or redemption request held hereunder in or for Shares held or to be held in the benefit of the Company’s '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 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 Prospectusaccount.
Appears in 1 contract
Samples: Fund Participation Agreement (Carillon Life Account)
Purchase and Redemption Procedures. (a) The Fund Distributor hereby appoints the Company as its an agent of the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, for Shares made available hereunder, based on allocations of amounts to such Accounts or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such Contracts or such Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 Account (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares Fund shares that may be held in the general account of the Company)) for shares of those 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 therefortherefore) on any day the New York Stock Exchange is open for trading and on which a Portfolio calculates its net asset value (a “Business Day”) pursuant to the rules of the Securities and Exchange Commission (“SEC”), by the Company as such limited agent of the Fund, on any day the New York Stock Exchange (“NYSE”) is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) prior to the time that the Fund ordinarily calculates its net asset value as described from time to time in the Fund’s prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE) shall constitute receipt and acceptance by the Fund Portfolio on that same Business Day, provided that:
(i) if that the Company transmits Fund receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 9:30 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 a.m. Eastern Time on the next following Business Day. With regard to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it or its duly designated agent each Business Day before the time(s) that the Fund calculates its net asset value.
(b) The Company shall pay for Shares shares of each Portfolio on the same day Business Day that it notifies the Fund of a purchase request for such Sharesshares. Payment for Shares Portfolio shares shall be made in federal funds transmitted to the Fund or other designated person by wire to be received by the Fund by 6:00 3:00 p.m. Eastern Time on the day Business Day the Fund is notified of the purchase request for Shares Portfolio shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of Shares shares of other Portfolios effected pursuant to redemption requests tendered by the Company on behalf of an 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 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) Payment for Shares Portfolio shares redeemed by the Account or the Company on behalf of an Account 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 next same Business Day after the Fund is properly notified of the redemption order of such Shares shares (unless redemption proceeds are to be applied to the purchase of Shares shares of other 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 thereunderthereunder, and to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then then-current registration statementprospectus and except that the Fund reserves the right to pay any portion of a redemption in kind of portfolio securities, if the Fund’s Board determines that it would be detrimental to the best interests of shareholders to make a redemption wholly in cash. 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 Shares Portfolio shares held or to be held in the Company’s general account shall be effected at the closing net asset value per Share share next determined after the Fund’s receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Shares 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 ProspectusFund’s prospectus.
Appears in 1 contract
Samples: Participation Agreement (Variable Annuity Account A)
Purchase and Redemption Procedures. (a) The Fund hereby appoints the Company as its an agent of the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedules 1, 2 and 7, where permitted by applicable law, Account (but not with respect to any Fund shares that may be held in the general account of the Company) for the Shares made available hereunder, based on allocations of amounts to such Accounts the Account or subaccounts thereof under the Contracts listed in Schedules 4, 5 and 6 and other transactions relating to such the Contracts or such the Account. All transactions in Account shares shall be executed through the Omnibus Accounts of Company's affiliate Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx, Inc. ("Omnibus Accounts; provided, however, that if applicable law is amended in the future to prevent the foregoing, the Company shall only act as the Fund’s agent for the limited purpose of receiving purchase and redemption requests on behalf of the Accounts listed on Schedule 1 (but not on behalf of the Accounts listed on Schdules 2 and 7 or with respect to any Shares that may be held in the general account of the Company"). Receipt of any such request (or relevant transactional information therefor), by the Company as such limited agent of the Fund, ) on any day the New York Stock Exchange (“NYSE”) 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’s prospectus Fund Prospectus (which as of the date of execution of this Agreement is the close of regular trading on the NYSE4:00 p.m. Eastern Time) shall constitute receipt by the Fund on that same Business Day, provided that:
(i) if that the Company transmits Fund receives notice of such request to the Fund via the National Securities Clearing Corporation’s (the “NSCC”) Fund/SERV System and/or Defined Contribution Clearance & Settlement (“DCC&S”) platform, such request must be received by the Company by the close of regular trading on the NYSE (or such reasonably earlier time designated by the Company in response to a change by the NSCC in the deadline for receipt of requests via its systems) and must be transmitted by the Company to the Fund in the time and manner designated by the NSCC pursuant to Rule 22c-1 of the 1940 Act (which as of the date of execution of this Agreement is 9:00 a.m. Eastern Time on the next following Business Day); or
(ii) If there are technical problems with Fund/SERV, or if the parties are not able to transmit or receive information through Fund/SERV (e.g., by fax), such request must be received by the Fund by 11:30 11 a.m. Eastern Time on the next following Business Day. With regard Company will provide to purchase and redemptions of Shares under this Section 1.3(a), the Company is solely responsible for ensuring that each such purchase or redemption is the net result of requests from Contract owners for Contract transactions received by it Fund or its duly designated agent designee via the NSCC Fund SERV DCC & S platform (which utilizes the "as of" record layout within Fund/SERV) one or more files detailing the instructions received with respect to each Plan prior to 4:00 p.m. ET on the prior Business Day before for each of the time(sFunds. If for any reason Xxxxxxx Xxxxx is unable to transmit the file(s) that with respect to any Business Day, Xxxxxxx Xxxxx will notify the Fund calculates or its net asset valuedesignee by 11:00 a.m. ET on the next following Business Day.
(b) The Company shall pay for Shares on the same day that it notifies the Fund of a purchase request for such Shares. Payment for Shares shall be made in federal funds transmitted to the Fund by wire via the NSCC Fund/SERV DCC&S platform to be received by the Fund by 6:00 6:30 p.m. Eastern Time on the day the Fund is notified of the purchase request for Shares (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 an the Account). Upon receipt of federal funds so wiredtransmitted via the NSCC Fund/SERV DCC&S platform, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund. Notwithstanding any provision of this Agreement to the contrary, for purchase and redemption instructions with respect to any Shares, Company and the Fund will settle the purchase and redemption transactions referred to herein, via the NSCC Fund/SERV platform settlement process on the next Business Day following the effective trade date. The Fund will provide to Company a daily transmission of positions and trading activity taking place in the Omnibus Accounts using Company's affiliate's proprietary Inventory Control System ("ICS").
(c) Payment for Shares redeemed by the Account or the Company on behalf of an Account shall be made in federal funds transmitted by wire via the NSCC Fund/SERV DCC&S platform to the Company or any other designated person on the next Business Day after the Fund is properly notified of the redemption order of such Shares (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), except that the Fund reserves the right to redeem 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 Rules thereunder, and to make payment in any manner permitted under accordance with the procedures and policies of the Fund as described in the then current registration statementprospectus. 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 Shares held or to be held in the Company’s 's general account shall be effected at the closing net asset value per Share share next determined after the Fund’s 's receipt of such request, provided that, request as set forth in the case of a purchase request, payment for 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 ProspectusSection 1.3(a) herein.
Appears in 1 contract
Samples: Participation Agreement (Merrill Lynch Life Variable Annuity Separate Account D)