Common use of Receipt of Money Clause in Contracts

Receipt of Money. All money payable in connection with any of the Contracts, whether as premium, purchase payment or otherwise and whether paid by or on behalf of any contract owner or anyone else having an interest in the Contracts, is the property of the Company and shall be transmitted immediately in accordance with the administrative procedures of the Company without any deduction or offset for any reason including, but not limited to, any deduction or offset for compensation claimed by Selling Broker-Dealer or Producer, unless there has been a prior written arrangement for net wire transmissions between the Company and Selling Broker-Dealer or Producer.

Receipt of Money. All money payable in connection with any of the Contracts, whether as premium, purchase payment, loan or other payment or otherwise and whether paid by or on behalf of any contract Contract owner or anyone else having an interest in the Contracts, is the property of the Company and shall be transmitted immediately in accordance with the administrative procedures of the Company without any deduction or offset for any reason including, but not limited to, any deduction or offset for compensation claimed by Selling Broker-Dealer or ProducerDealer, unless there has been a prior written arrangement for net wire transmissions between the Company and Selling Broker-Dealer or ProducerDealer.