Common use of Receipt by the Agent of Policy Owner-Level Transactions Clause in Contracts

Receipt by the Agent of Policy Owner-Level Transactions. The parties understand and agree that the Agent may receive Policy owner-level transactions in various formats, including directions in writing, by computer magnetic tape, diskette or electronic data transmission, through interactive voice response system, or by any other accepted method for transmitting data that is adopted for the Accounts. All Policy owner-level transactions shall be received and processed by the Agent in accordance with its standard transaction processing procedures that apply to all investment options offered under the Policies. The Agent shall maintain records sufficient to identify the date and time of receipt of all Policy owner-level transactions involving the VVIF Portfolios and shall make such records available upon request with reasonable advance notice for examination by Vanguard or its designated representative or, at the request of Vanguard with reasonable advance notice, by appropriate governmental authorities or self-regulatory organizations having jurisdiction over Vanguard. Under no circumstances shall the Agent change, alter or manipulate any Policy owner-level transactions received by it in good order.