Retirement Benefit Notice. In the event of a Retirement Benefit becoming payable in respect of which a liability of MPF arises under Clause 9.1, the Trustee may request MPF to provide the Retirement Benefit or corresponding annuity as at any Dealing Day by giving MPF an instruction (in the agreed format) which must: (i) specify the Sub-Fund or Sub-Funds from which the Contribution Units are to be cancelled to provide the Retirement Benefit or corresponding annuity; (ii) specify the number of Contribution Units to be cancelled from each specified Sub-Fund or the value in the Base Currency to be redeemed from each specified Sub-Fund; (iii) specify the relevant Dealing Day as at which the Contribution Units are to be cancelled; (iv) subject to the provisions set out below regarding As Of Sub-Funds, be received before 10 a.m. one Business Day before the relevant Dealing Day, or as may be otherwise agreed between the parties; and (v) be given in accordance with the Instructions Procedures (each instruction so given and received in accordance with this Clause 9.2 a “Retirement Benefit Notice”). Each Retirement Benefit Notice shall be binding upon the Trustee and MPF upon receipt thereof by MPF. For the avoidance of doubt, the Trustee may only request that the Retirement Benefit be provided from a Sub-Fund as at a Dealing Day. If a Retirement Benefit Notice is received by MPF after 10 a.m. on a Business Day, or on a day which is not a Business Day, then MPF may, at its sole discretion, treat such Retirement Benefit Notice as having been received before 9 a.m. on the next following Business Day. In the case of an As Of Sub-Fund: (i) if the Retirement Benefit Notice is for an amount less than or equal to the As Of Sub-Funds Threshold (as defined in Clause 8.1), the Retirement Benefit Notice must be received by MPF before 9.30 a.m. on a Business Day in which case the Unit Price applicable on the previous Dealing Day will be applied in respect of the Retirement Benefit Notice (and such previous Dealing Day will be the “Dealing Day” for the purposes of such Retirement Benefit Notice); (ii) if the Retirement Benefit Notice is for an amount which exceeds the As Of Sub-Funds Threshold, the Retirement Benefit Notice must be received by MPF before 9.30 a.m. on a Business Day in which case the Unit Price applicable as at close of business on the Dealing Day following the date of receipt of the instruction will be applied in respect of the Retirement Benefit Notice (and such following Dealing Day will be the “Dealing Day” for the purposes of such Retirement Benefit Notice). For the avoidance of doubt, if a Retirement Benefit Notice is received by MPF in respect of an As Of Sub-Fund after the relevant cut-off time referred to in paragraph (i) or (ii) above on a Business Day, or on a day which is not a Business Day, then MPF will treat such Retirement Benefit Notice as having been received before 9.30 a.m. on the next following Business Day.
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Samples: Contract of Linked Long Term Insurance, Contract of Linked Long Term Insurance, Contract of Linked Long Term Insurance
Retirement Benefit Notice. In the event of a Retirement Benefit becoming payable in respect of which a liability of MPF arises under Clause 9.1, the Trustee may request MPF to provide the Retirement Benefit or corresponding annuity as at any Dealing Day by giving MPF an instruction (in the agreed format) which must: (i) specify the Sub-Fund or Sub-Funds from which the Contribution Units are to be cancelled to provide the Retirement Benefit or corresponding annuityannuity ; (ii) specify the number of Contribution Units to be cancelled from each specified Sub-Fund or the value in the Base Currency to be redeemed from each specified Sub-Fund; (iii) specify the relevant Dealing Day as at which the Contribution Units are to be cancelled; (iv) subject to the provisions set out below regarding As Of Sub-Funds, be received before 10 a.m. one Business Day before the relevant Dealing Day, or as may be otherwise agreed between the parties; and (v) be given in accordance with the Instructions Procedures (each instruction so given and received in accordance with this Clause 9.2 a “Retirement Benefit Notice”). Each Retirement Benefit Notice shall be binding upon the Trustee and MPF upon receipt thereof by MPF. For the avoidance of doubt, the Trustee may only request that the Retirement Benefit be provided from a Sub-Fund as at a Dealing Day. If a Retirement Benefit Notice is received by MPF after 10 a.m. on a Business Day, or on a day which is not a Business Day, then MPF may, at its sole discretion, treat such Retirement Benefit Notice as having been received before 9 a.m. on the next following Business Day. In the case of an As Of Sub-Fund:
(i) if the Retirement Benefit Notice is for an amount less than or equal to the As Of Sub-Funds Threshold (as defined in Clause 8.1), the Retirement Benefit Notice must be received by MPF before 9.30 a.m. on a Business Day in which case the Unit Price applicable on the previous Dealing Day will wi ll be applied in respect of the Retirement Benefit Notice (and such previous Dealing Day will be the “Dealing Day” for the purposes of such Retirement Benefit Notice);
(ii) if the Retirement Benefit Notice is for an amount which exceeds the As Of Sub-Funds Threshold, the Retirement Benefit Notice must be received by MPF before 9.30 a.m. on a Business Day in which case the Unit Price applicable as at close of business on the Dealing Day following the date of receipt of the instruction will be applied in respect of the Retirement Benefit Notice (and such following Dealing Day will be the “Dealing Day” for the purposes of such Retirement Benefit Notice)) . For the avoidance of doubt, if a Retirement Benefit Notice is received by MPF in respect res pect of an As Of Sub-Fund after the relevant cut-off time referred to in paragraph (i) or (ii) above on a Business Day, or on a day which is not a Business Day, then MPF will treat such Retirement Benefit Notice as having been received before 9.30 a.m. on the next following Business Day.
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