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 CLICA and shall be transmitted immediately in accordance with the administrative procedures of CLICA 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 General Agent, unless there has been a prior arrangement for net wire transmissions between CLICA and Selling Broker-Dealer or General Agent.

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 CLICA CLNY and shall be transmitted immediately in accordance with the administrative procedures of CLICA CLNY 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 General Agent, unless there has been a prior arrangement for net wire transmissions between CLICA CLNY and Selling Broker-Dealer or General Agent.