Timely Payments. LIFE COMPANY will use its best efforts to wire payment for net purchases to a custodial account designated by AVIF by 5:45 p.m. Eastern Time, but in no event, later than 6:00 p.m. Eastern Time, on the same day as the order for Shares is placed, to the extent practicable. AVIF will wire payment for net redemptions to an account designated by LIFE COMPANY by 5:30 p.m. Eastern Time on the same day as the Order is placed, to the extent practicable, but in any event within five (5) calendar days after the date the order is placed in order to enable LIFE COMPANY to pay redemption proceeds within the time specified in Section 22(e) of the 1940 Act or such shorter period of time as may be required by law.
Appears in 8 contracts
Samples: Participation Agreement (C M Life Variable Life Separate Account I), Participation Agreement (Massachusetts Mutual Variable Annuity Separate Account 4), Participation Agreement (Massachusetts Mutual Variable Annuity Separate Account 4)
