SYSTEMATIC (CONTRACTUAL) INVESTMENT PLANS Sample Clauses

SYSTEMATIC (CONTRACTUAL) INVESTMENT PLANS. (1) Subject to "a.," above, "Full PC" - equal to the total amount of first-year commissions payable to the RR, as shown in paragraph "7" of this Annex - will be granted if the Cover Memo is received by USPA at its Home Office and (a) is accompanied by evidence that an acceptable "monthly mode of payment" has been or is being established on a timely basis, such evidence to include a copy of a properly registered military allotment (or a suitable substitute), automatic bank draft authorization, or approved electronic funds transfer (EFT) authorization. Payments made pursuant to such an acceptable mode of payment are hereinafter referred to as "modal payments." For the purpose of awarding PC, a mode of payment will be considered timely and acceptable IF AND ONLY IF the first monthly modal payment is scheduled to arrive at the fund company within three full production months following and including the production month for which the PC is awarded. Modal payments on other than a monthly frequency (bimonthly, quarterly, etc.) will be awarded PC on a residual basis. (b) Plans cannot be opened with partial modal payments. (2) Residual PC equal to the amount of commissions due to the RR on any initial cash investment accompanying the application - will be granted when no mode of payment is established and the Cover Memo, supporting documentation, and initial investment are otherwise sufficient to permit opening the account. Residual PC (and commissions) are awarded for each full monthly unit of the plan. When partial payments are received by the fund, commissions are paid to USPA after each full investment unit accrues. (3) Otherwise, if no valid mode of payment is established and no acceptable initial investment is received, no PC will be awarded and the Cover Memo with its supporting documentation will be returned to the RR. (4) Once the investor has made the commissionable investments described in paragraph "7" of this Annex, no further commissions or PC will be paid or credited to the selling RR. -------------------------------------------------------------------------------- B-1
Sample 1
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Related to SYSTEMATIC (CONTRACTUAL) INVESTMENT PLANS

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